Banknifty : Sell
Entry price: 9839 - 9882
Stoploss: 9936
Targets : 9659 / 9563
Time period: Intraday only
The Banknifty spot made a low of 7888 on 2nd January and since then it has been in superb uptrend.
With the high of 9906 on Wednesday, Banknifty has gained nearly 20% in a month's time.
However, on the daily chart, it can be seen that a resistance is placed at 9900.
The other technical indicators are also in over bought zone.
So, it is more likely to witness a selling pressure today.
One can Sell Banknifty future in the range of 9839 - 82.
But, the stoploss of 9936 is must.
The targets for the position can be considered as 9659 and 9563.
Also, the weekly chart of Banknifty suggests an overbought zone.
Secondly, though, during the month Banknifty was up by 20%, it has not broken-out of the falling channel.
Entry price: 9839 - 9882
Stoploss: 9936
Targets : 9659 / 9563
Time period: Intraday only
The Banknifty spot made a low of 7888 on 2nd January and since then it has been in superb uptrend.
With the high of 9906 on Wednesday, Banknifty has gained nearly 20% in a month's time.
However, on the daily chart, it can be seen that a resistance is placed at 9900.
The other technical indicators are also in over bought zone.
So, it is more likely to witness a selling pressure today.
One can Sell Banknifty future in the range of 9839 - 82.
But, the stoploss of 9936 is must.
The targets for the position can be considered as 9659 and 9563.
Also, the weekly chart of Banknifty suggests an overbought zone.
Secondly, though, during the month Banknifty was up by 20%, it has not broken-out of the falling channel.
Sheetalpuri Goswami
+919879028295
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