Bank Nifty - Pre Market Report 14 Nov
BN after the considerable fall yesterday has now reached a vital Monthly Support Zone which also has a strong confluence with the 200 DEMA.
There was some last minute buying activity that happened yesterday which would mostly have been profit booking for all short positions.
Today, my view is that BN could remain in sideways territory after the great fall. In fact, if it gaps down, my suggestion is to not short.
Intraday directional players should rather stay out today.
Also, there is a probability of a long reversal on BN in the next couple of sessions. So there should definitely be a wait and watch approach. Shorting BN at this stage could lead to a trap for the Bears.
Once there is a price action confirmation, decide for a Long View or a further short view.
If the market has to go down even more, it would reverse first on the upside, take all the Long positions and then most likely you might encounter a complete Bearish day which will set the tone for further lower levels.
There was some last minute buying activity that happened yesterday which would mostly have been profit booking for all short positions.
Today, my view is that BN could remain in sideways territory after the great fall. In fact, if it gaps down, my suggestion is to not short.
Intraday directional players should rather stay out today.
Also, there is a probability of a long reversal on BN in the next couple of sessions. So there should definitely be a wait and watch approach. Shorting BN at this stage could lead to a trap for the Bears.
Once there is a price action confirmation, decide for a Long View or a further short view.
If the market has to go down even more, it would reverse first on the upside, take all the Long positions and then most likely you might encounter a complete Bearish day which will set the tone for further lower levels.
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