Nifty Bank

#6 BankNifty Update: Ranking your profits high on the Low

You might be thinking that what does my headline mean today??? I meant to say that even BankNifty made a near term low today, i am sure you guys are ranking high on profits as you would have made almost 1100 points on our short call on Banknifty. On 15th December we recommended to short BankNifty near to 11366 and our tgt was 10260 which has been achieved comfortably. A simple look on chart could attract you guys to steep fall in last 1.5 months with small recovery. But Now as per elliot wave we expect a small pull on bankNifty which would be intermediate move and not the larger wave.  The Chart mentioned is weekly chart and it has breached 200 Weekly average which was acting as strong support. But we expect it to resume support next week soon. Banking sector bulls have seen some tough beating and now its time for them to give a fight back.

Our recommendation: We recommend to go long on BankNifty  (CMP:10153) with tgts 10390/10580/10780/10990 SL:9980

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