BombayBulls
Short

BankNifty - Technical Analysis - 6/2/2016

NSE:BANKNIFTY   NIFTY BANK
70 0 3
BankNifty             is little more volatile sibling of Nifty             . If you take out price scale, then it would be tough to differentiate between NIFTY             and BankNifty             charts. Usually we cover NIFTY             widely here knowing that learned traders will get their conclusions about BankNifty             from there. Let's dive into the levels to indentify next opportunity in BankNifty             .
Major Banks in India has been pounded hard, but that hasn't stopped BankNifty             from scaling right back alongside NIFTY             to the yearly highs. Technically it's a break of downward slopping trend line but we have to be cautious jumping on the boat.
These are the potential trade setups we are looking at,
1. Short near 18000 Resistance level
2. Short near 19000 Resistance level
3. Long near 16800 Support level
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