Nifty Bank

Banks are weakening

Nifty Bank had been on bulls spree rally since start of February but now somewhere daily charts are showing some confirmed sign of weakness for near term. As we all could notice that index was trading in small narrow upside channel which is now breached and confirmed with a close yesterday and day before. Though for a safer side third close confirmation is widely accepted but we can take a risk before todays close as we have got some more signs from other factors. Crucial average of 100 day average has been breached yesterday around 15823 which adds more fuel to the fire of burning long opportunities. Smart traders and FII are already supporting charts which could be seen in their actions in Option segment where Calls have witness writing while near the money PUTS have seen unwinding. Even the indicators on daily charts have flattened and are just emerging over negative crossovers. So time to be cautious for long traders

My recommended strategy for Risk traders.: Sell 16000 CE and buy 15700 PE  tgt: 15150 SL: 15950

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