#BankNifty

#BankNifty is trading very crucial level. There are multiple reasons why its so. 26712 is a level which was a crucial resistance level in 2018. In 2019 twice it took support near that level.

Now it may act as polarity zone, where it may act as support turned resistance after nearly 4000 point move after breakout above 22351. It can either retrace from these level or breakout above week high then it opens up target for 28000. Weekly RSI above 60 which supports the bulls.

Polarity zone will tempt the S/R players to go contra here. But it will be wise for 26450 levels to be broken on day closing basis to go contra. Preempting with hedge may be a good R;R trade but may give pain too.

Will be wiser to wait for breakdown to enter short.