BankNifty - Be ready for a thrilling ride to 19250-19300!
Post demonetization, market was expecting substantial slowdown in the economy due to which banks would have suffered a lot. But yesterday, IndusInd Bank posted amazing results indicating economy might not have suffered much. Still early to draw conclusions though but short covering and buying is propelling Banknifty. Don't count the resistances just ride the rally with trailing Stop Loss. We might be surprised with the magnitude of this rally. I already gave the Nifty target of 8600 about a month ago. Don't short and don't book profits early. Manage your risk.
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People are in denial & in surprise mode, on TV all tech analysts are waiting for the dip since morning which might not come. BankNifty has cleared the resistance 18650 with ease, further validating the idea. Trailing Stop Loss should be 200 points. If it gets hit then we are fine and will take the profits. CNXIT and Reliance is down, seems smart money is shifting to Banks.
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BankNifty will increase momentum after crossing 18750 spot. Right now there is an added advantage (around 100 points) of buying BN future on BankNifty as premium will increase to 100 odd points which is right now 10-15 points.
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As mentioned above, momentum will increase above 18750 just look at the chart after 18750. We might witness panic buying today in BankNifty.
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Rally continues without any dip. Enjoy!
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Booked some profits today. Hedged the rest of the positions. Immediate supports for BankNifty are 18750 & 18650. If it dips tomorrow morning then buy.
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Today, BankNifty stopped at 18888 which is an old Fib level on weekly charts. Only pretext for booking profits at some level :-)
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Dream trade! started from 18300-50 went exactly in the zone 19200-300. Now coming back from there. Amazing! Thoroughly, enjoyed the ride.
