Like Nifty, Banknifty (BNF) too finished as a red base-like candle with higher high and higher low. Also like Nifty, it made higher high and higher low for fourth day in a row. The coming destination for BNF is obiviously 30500, but more important one is that made on 23rd September, a day after corporate tax cut was announced, which is 30800. By this weekly expiry, I do expect BNF to reach there if not close above it. So mood is clearly bullish. As I wrote in my post on NIFTY, FIIs have turned buyers and DIIs are now sellers but direction is decided by FIIs since they come with bigger volumes than DIIs on most days. Option chain data is not yet populated enough to give clear idea. On chart, there is a minor resistance at 30350 to 30400 which got made after today's fall, where it might struggle for few minutes before going up. Support and buying area is shown on 15 min chart too, though I doubt BNF will reach there. No clear cut buying area near CMP so long trade will have to be taken as day progresses.
All the best. Happy trading.
All the best. Happy trading.