UNITED STATES OF BANKNIFTY

Top_Massage

Top_Massage

Well-Known Member
#61
#61
Alright folks .... These days indices are rather testing our patience. For today, it seems BankNifty spot level of 27190 (which was almost yesterday's low) would now act as crucial make or break level on downside. Bulls will try to defend it and bears will try to break it.

Moreover, previous danger point of 27300 spot level (which acted as ultimate support for bulls for about a week) will now act as resistance. Bulls need to surpass 27300 with full force and strength. Not only that, they will have to stay above it for longer period in order to expect 27400, 27500 and so on .....

Bears need to trade below 27190 in order to expect 27050. Moreover, they will have to deal with another minor support level i.e. 27000 level (+ - 50 points). Choose wisely guys .... Good luck ... Hope you make good money.

Disclaimer: This forum is meant for educational purpose ONLY.
 
Top_Massage

Top_Massage

Well-Known Member
#65
#65
Top_Massage said:
Alright folks .... These days indices are rather testing our patience. For today, it seems BankNifty spot level of 27190 (which was almost yesterday's low) would now act as crucial make or break level on downside. Bulls will try to defend it and bears will try to break it.

Moreover, previous danger point of 27300 spot level (which acted as ultimate support for bulls for about a week) will now act as resistance. Bulls need to surpass 27300 with full force and strength. Not only that, they will have to stay above it for longer period in order to expect 27400, 27500 and so on .....

Bears need to trade below 27190 in order to expect 27050. Moreover, they will have to deal with another minor support level i.e. 27000 level (+ - 50 points). Choose wisely guys .... Good luck ... Hope you make good money.

Disclaimer: This forum is meant for educational purpose ONLY.
Click to expand...
OK guys .... Hope all of you made good money today. Overall, we already had the crucial levels with us. Most of it was a waiting game today. And finally, BankNifty was kept within the range only.

Today, I took only one trade in BankNifty. Yesterday, I kept on sitting like a mere spectator in front of screen as it was just too volatile and premiums were dwindling fast.

But overall, patience brought some money today. I bought BankNifty calls around 2 PM when it was clear that BankNifty will surely close above immediate support level of 27190 (as mentioned above in previous post). I bought 27200 CE (today's expiry) at 42 and sold at 76 within no time. Made very little money but it's fine. Any profit in these tough conditions is gold.

OK folks ... thanks ... enjoy ....


Disclaimer: This forum is meant for educational purpose ONLY.
 
Top_Massage

Top_Massage

Well-Known Member
#67
#67
Well ... It was a positive opening for indices within first few minutes. But then again, premiums are melting again as we are close to expiry. I am still waiting for an opportunity. Will wait patiently.

Disclaimer: This forum is meant for educational purpose ONLY.
 
Top_Massage

Top_Massage

Well-Known Member
#68
#68
OK folks .... I guess we will have to take some clue from NIFTY too (at least for today). It seems NIFTY spot level 10930 is proving to be some sort of stiff intraday resistance. Similarly, BankNifty hasn't been able to stay above 27400 spot level. Bulls will have to ensure that they surpass these levels and stay above it for upmove to continue.

The big question: Can they do it TODAY or NOT??? Or will they surrender this time too??

Overall, it will take some serious fierce movement to cross 11000 on NIFTY as it is proving to be a CEMENTED WALL. Keep watching folks.

Disclaimer: This forum is meant for educational purpose ONLY.
 
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