Bank nifty is making new highs as seen in the Daily Price chart. According to price action there is a bearish setup found in Banknifty at the top resistance level.Today Bank nifty closed downside after a long gap of few days. It is expected to have some retracement at this level. As there was more selling pressure today in Bank nifty it might take some retacement downwards. See the daily Price chart of bank nifty.
Daily Chart of BANK NIFTY
Today I am in a positional short call in Banknifty. Today at the closing bell of markt at 3.25 pm I am in a short position in BANK NIFTY as there might be a Gap Down Probability. If this is a retracement for Bank Nifty then I will be in a short Position for two or three days.Tomorrow I will decide according to the market conditions. For Intraday trading in Bank Nifty on 25th November I will take my short position only if 17990 breaks. My short position will be at 17990. My target for this trade will be 100 points below my selling level and my stop loss will be 70 points above the selling level.
SUMMARY OF BANK NIFTY POSITIONAL TRADE AS ON 26 TH NOVEMBER
Today at the opening bell of Bank Nifty there was a GAP DOWN as I expected . I booked the Profit of 100 Points in Bank Nifty.I booked the profit for half of my lot and remaining I carried for next day. Today on 26 th November Bank Nifty moved as expected. I will square off my position tomorrow as there is a expiry of Bank Nifty tomorrow on 27 th November. See the Daily Price chart update as on 26 th November.
Daily Chart of Bank Nifty on 26 th November is shown Below