BANKNIFTY for 9th December
Banknifty was much more weaker than nifty on Friday. Out of 5 heavyweight constituesnts on BNF, which contribute more than 75% on its weightage, only one Kotak Bank closed in positive (1.52%), HDFC abnk remained flat (0.04%) and remaining three- ICICI Bank, Axis Bank and SBI fell by 0.62%, 1.60% and 4.82% respectively. Yes Bank aand indusindBank too fell massively. All contributed for BNF's fall above1%. It broke more than three strong supports thereby triggering stoplosses. Please check my video posted on youtube under name Market Movers India for slightly
detailed content. One saving grace is that it just dipped below 20 DEMA but closed just above it. If it falls from here then next stop is near 31000. However, I think that after 2 days of massive fall, some pull back is possible. However there is no point buying Banknifty. Sell on rise is mantra. Unfortunately, there are no clear cut Selling levels and hence it will have to be taken as day progresses.
All the best. Happy trading.
detailed content. One saving grace is that it just dipped below 20 DEMA but closed just above it. If it falls from here then next stop is near 31000. However, I think that after 2 days of massive fall, some pull back is possible. However there is no point buying Banknifty. Sell on rise is mantra. Unfortunately, there are no clear cut Selling levels and hence it will have to be taken as day progresses.
All the best. Happy trading.
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