The Story of BankNifty and 35800.
Over the past few months, we've seen a good rallies on Nifty and Bank nifty index's. But 35800 has been a major resistance. Time and again I have shorted, Bought put options again and again and again. Market is a beautiful place where you see just reds and greens but the amount of data you derive from is awesome.
Now, I'm not saying you should go short or long. But the probabilities game is so good at this level. Ever Bank-nifty gapped down a few weeks back it has been incredibly difficult for it to break that particular level. It's just a matter of time before it breaks it and go for a big rally towards 37000. Nifty has been testing record highs. But the underlying issue is the underperformance of these big banking shares.
Moving Averages 9,20,50,200 have all provided a static support/resistance to guide us choose our trades. I personally think it's better to do multi-time frame analysis to choose these important levels.
End of the day, we just need one proper trade. For me 35800 has been an important pivot. So, I will look to short the market everytime.
Now, I'm not saying you should go short or long. But the probabilities game is so good at this level. Ever Bank-nifty gapped down a few weeks back it has been incredibly difficult for it to break that particular level. It's just a matter of time before it breaks it and go for a big rally towards 37000. Nifty has been testing record highs. But the underlying issue is the underperformance of these big banking shares.
Moving Averages 9,20,50,200 have all provided a static support/resistance to guide us choose our trades. I personally think it's better to do multi-time frame analysis to choose these important levels.
End of the day, we just need one proper trade. For me 35800 has been an important pivot. So, I will look to short the market everytime.
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Happened again..
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Flipside.. Broke 358000.. Now, let's go long at these levels.