Just like Nifty BankNifty is also showing signs of some accumulation, it is crisscrossing on cloud and there is yet not any indication of clear trend.
Till the break out is given above resistance area and support area shown in chart it would be wise to not take positional trades in it. It is however showing some subdued +ve biased indication due to carry forward of what we have seen in last session after election results coming out.
Verdict is to wait till breakout is given till initiating positional longs and avoiding shorting as of yet. It is also better to avoid options due to diwali period volatility, which will be more in BNF than in nifty due to nature of index, last SBI good result was also indication of possible run in SBI and there is likely spill over effect in others in +VE direction.
Till the break out is given above resistance area and support area shown in chart it would be wise to not take positional trades in it. It is however showing some subdued +ve biased indication due to carry forward of what we have seen in last session after election results coming out.
Verdict is to wait till breakout is given till initiating positional longs and avoiding shorting as of yet. It is also better to avoid options due to diwali period volatility, which will be more in BNF than in nifty due to nature of index, last SBI good result was also indication of possible run in SBI and there is likely spill over effect in others in +VE direction.
Kommentera:
Oops! Forgot to add "long" tag instead of "Neutral" which is on by default, but yeah, I guess if you read the write up you will get the point :)