BankNifty - Technical Analysis - 6/2/2016
BankNifty is little more volatile sibling of Nifty. If you take out price scale, then it would be tough to differentiate between NIFTY and BankNifty charts. Usually we cover NIFTY widely here knowing that learned traders will get their conclusions about BankNifty from there. Let's dive into the levels to indentify next opportunity in BankNifty.
Major Banks in India has been pounded hard, but that hasn't stopped BankNifty from scaling right back alongside NIFTY to the yearly highs. Technically it's a break of downward slopping trend line but we have to be cautious jumping on the boat.
These are the potential trade setups we are looking at,
1. Short near 18000 Resistance level
2. Short near 19000 Resistance level
3. Long near 16800 Support level
Major Banks in India has been pounded hard, but that hasn't stopped BankNifty from scaling right back alongside NIFTY to the yearly highs. Technically it's a break of downward slopping trend line but we have to be cautious jumping on the boat.
These are the potential trade setups we are looking at,
1. Short near 18000 Resistance level
2. Short near 19000 Resistance level
3. Long near 16800 Support level
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