BANKNIFTY for 5th December

Banknifty made a very strong green candle with higher high, lower low and very higher close thereby creating bullish engulfing candle. Banknifty was stronger as compared to Nifty. I could not post on this forum yesterday due to lack of time but I had posted my regular video on my youtube channel, Market Movers India, and in it I had expressly told not to short Nifty or Banknifty today because probability of a strong green candle after three strong red candles is more than 90%. For tomorrow, there is a good buying area, marked on 15 min chart where one can buy with reasonable confidence if BNF reaches there. As for Shorting, it is not advisable to go for short tomorrow due to strong momentum seen in both indices.
All the best. Happy trading.