On 15th Dec we recommended to Short BankNifty on our blog at 11366 with tgts of 10720 and 10260 of which we have achieved 1st tgt easily last week. BankNifty made low at 10333 which was just 70 points away from our 2cd tgt. Anyways No worries we will still get that tgt but might take some time. Today we had third monetary policy by Mr.Rajan and street expected no change but truely speaking i did expect a hike in rate. I am not lieing but who all are in my touch personally could recollect that i myt have conveyed this gut feeling. Inflation has did cool off in last number but that major change was becoz have decreasing in Onion price. On other sign IIP are getting worst which made me pretty sure that RBI will rake hike. Though i didnt expect hike in reverse repo. Now coming to technicals BankNifty is still showing weakness sign on Weekly chart but a short covering is expected on Daily chart. As you could notice weekly chart in above graph, it clear shows off strong support at 200 Weekly average last week. Secondly now elliot wave suggests that we might see a pull back to 10988 but thats just a big
MIGHT. 10988 is also a trendline resistance and 100 weekly Moving average which makes that point more stronger resistance on weekly chart. I hope you guys have booked atleast
50% profit on our 1st tgt 10720, if not do it right away.
Our Recommendation: HOLD rest 50% short on bankNifty with trailing at Cost price 11366 and risk taker can again short near 10988 with the same SL. and near tgt is intact at 10260
*all levels mentioned are of bankNifty index and Not future and rely on recommendation at your risk.
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