Banknifty (BNF) behaved weaker than Nifty on last Friday. Option chain does not show any conclusive build- up of contracts. On daily chart, BNF finished as a base-like candle with lower high and higher low - sign that can mean bottoming has started. Banking stocks were weak on Friday as out of 4 losers in Nifty 50, 3 were banks. However, some short covering which is expected tomorrow due to SEBI’s tightening of MWPL limits among other measures and this might push star Banks like HDFC bank, ICICI bank, Axis Bank, etc whic in turn can lift up BNF.
A buying area, a selling area and a resistance are marked on the 15 min chart for tomorrow but please use SL since volatility is very high still.
All the best. Happy trading.
A buying area, a selling area and a resistance are marked on the 15 min chart for tomorrow but please use SL since volatility is very high still.
All the best. Happy trading.