OK folks ..... Keep an eye on tiny range of 27000 to 27050 .... Bulls will have to prevent BankNifty from breaking below this tiny range. If they fail decisively, then BankNifty would be in real trouble (big big trouble). The longer bulls stay above this tiny range, better for them. Bears will have to break below and stay below this tiny range. This range is definitely a no trading zone. So, one should observe thoroughly before taking a trade. The worst nightmare for any trader is when a trader takes a bet seeing breakout above or breakdown below a particular decisive level of about 50 to 75 points in BankNifty only to realise later that index has somehow been able to shift gears to produce a pull back in opposition direction. Hence, blowing away premiums and stop losses.
Volumes are extremely low. Index is finding it hard to produce a swift movement. Big traders and investors from US, Europe, Japan and China would be back by 4th January only. Hence, next week would be decisive enough.
The best moment to take a trade (CE or PE) for today would be near 27200 to 27250 (only if BankNifty reaches near to it). Otherwise, it's a waiting game for intraday traders. Choose wisely .... good luck!!
Well folks ..... We are back to same story again. Bulls and bears are battling between a small range of 27000 to 27250. Hence, BankNifty did nothing but swung to & fro. A lot of us intraday traders took advantage of the same by buying twice around 27000 to 27050 and shorting somewhere close to 27250 or 27350 approx (since 27400 proved to be strong resistance).
A lot of international institutional traders, hedge traders and investors will be back by 4th January. But then again, markets would be closed on 5th & 6th January. I personally believe that next week should give us bigger opportunities.