Gap up opening selling observed from the beginning. Positive. Still holds on to 20 period moving average in hourly time frame. forms higher low still has not violated recent low and has not violated the center line of the channel. closes just above the critical support shown in the chart. Negative. forms bearish candle stick in weekly time frame. Needs observation as iT sector is out preforming along with Nasdaq index of US. Metal sector is in the lime light again with pharma index. Hence my view is neutral. If it violates recent high shown in the chart may touch the recent resistance shown in the chart. And if it violates the recent low may fall to the next support zone. Don't forget to like this post. Follow me to get updates.
@bijoy2526 Sir looks like good rejection at the median line . and formed new LL & HL in this Time frame so BNF sector is on bearish side?
harishpkv
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Sir u started with Bank nifty and in between u started commenting on Nifty
Very much confusing
Plz go through ur opinion and then check
bijoy2526
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@harishpkv, Sectoral rotation is taking place hence bank nifty is underperforming compared to nifty. Nifty is being supported by IT stocks and pharma and metal Stocks. It may not remain same
always. I have mentioned about different sectors.
@bijoy2526, sorry 17 th june.? Hedge your position don't leave it naked. sell 36100 call if trend becomes clear square off your short position. always try to minimize your loss.
consultanilkumarg
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based on this chart, selling strangle of 36000 CE and 34000 PE should work for the week. 36500 and 33500 if needs to be cautious
bijoy2526
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@consultanilkumarg, I think one way move possible. May be Friday move to trap the call option sellers. Monday after first hour it can be known to some extent.
consultanilkumarg
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@bijoy2526, does today's move after the fall suggests the bullishness in BN? the one way is upward move ?