The start of this year for us has been good. Today should be volatile and sideways with sharp intraday moves. Keep quantity less and trade carefully for the day. Some global news is expected tonight so no harm in being careful.
Nifty. Could not cross 18270 and corrected a little. I have said many times as well as declared on Twitter, we will have a bumpy ride toward 19445 levels. Bumpy means volatility. Support is placed at 18145 and resistance at 18370.
BankNifty. Below 43700 will be volatile and jumpy. Big rally above 43700. Support is placed at 43350 which is also the stoploss for long positions. These are future levels.
Derivative. Data formation is negative on futures. Index option data is sideways but scattered. This is the reason for volatility.
Make money using our Bank Nifty tips for today and trade like a winner in the market.
Trading Gyan for the Day
It is always fun to look back and enjoy some of the memories in trading and this is where your trading journal comes in handy.
EoD Analysis
In Bank Nifty, even after good consolidation and good closing yesterday, buyers had strength.
Today morning it attempted to break above 43500 but couldn't sustain above it, and also it was at a big supply zone, from where big collapse happened last time, so BN was near that point, short sellers got a opportunity to short sell with a small SL, and with the breakdown of trendline, existing buyers ran away, leading to further sell orders.
