PowerTrades
Short

09sep- Banknifty updates

NSE:BANKNIFTY   NIFTY BANK
Friday was quite eventful and failure to take out the retracements zones pointed earlier proved that markets are facing selling pressure at top. at the sametime now the current range is proving indecisive.
A break below 19800 can only bring in the downside movement to potentially test the lower trend line support zones around 19600. while 20050-20100 would be the upside resistance
Comment: BANKNIFTY now is inside the lower channel. at this point 19450 spot looks to be a potential target for those still in the trade. also this consolidation is a good area to capture theta decay, more on that later
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