Pattern_Study

Bank Nifty not able to close high

NSE:BANKNIFTY   NIFTY BANK
Bank nifty made a new intrady high of 29827 but couldn't close above the previous high on closing basis of 29749 (18th Nov).

This signifies dragging of bull run till the end of a series, distribution at higher prices.

Bank nifty unless closes above 30,030 is not not a candidate for long. Stay cautious and for existing long positions keep strict stop loss of previous day low.

Initiate new short position on in December Series towards the last hour of November series if Bank Nifty doesn't hold 30,030 levels.