As RBI is facing tremendous pressure to bail out PS/Corporate banks I believe that we will slowly begin to see a short term correction in the bank sector. I expected BOB to either break out and test supply zone at 190 before potentially making another leg up. The second scenario is that the bearish sentiment forces BOB to test demand zone at 100-120 before it continues to test the supply zone. This is big short term reversal point for BANKNIFTY. RR at this level is high.
Comment:
** to test demand zone at Rs. 100-120
Trade active:
Consolidating into a very tight range, potential for breakout increasing day by day
Trade active:
Breakout. First TP 160, second tp 185
Trade closed manually:
Trade closed @ 147 for 10% profit from 136. Looking for re-entry at around 133 - 140 range. There is a considerable amt of resistance at 150 range right now