Nifty future is trading negative today; this is the reaction for news from global market as European economies was downgraded by S&P (One of largest rating agency). In European stocks, financial sector has hit badly and even Indian banking stocks are trading lower like State bank down 3%, Icici bank down 2%, Axis bank down 4%, Kotak bank, Bank of Baroda, Punjab National Bank, HDFC bank, Yes bank, Indusind bank, Vijaya bank, and many other banking stocks were trading down by 2 to 5%. So instead of trading short on these banking stocks, traders may short Bank Nifty future for target gain of 400 points in 3 to 4 trading sessions. Moreover on charts we see bank nifty has resistance around 10000 level, so it is sound opportunity for trading short on banking sector. We also see declining trend line acting as stiff resistance on charts, so it purely depends upon traders how they should trade bank nifty for today’s trading session.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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