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Technical Analysis: Short Sell BankNifty at 9899 (Spot Level), Resistance at 9900 Zone

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I am having a trade setup on Bank Nifty future, while looking at the daily chart I see some resistance on bank nifty future at 9900 zone (Spot Level). I will be looking for short selling opportunity around 9900 level (Spot Level), for trading target 9700 level (Spot Level) while placing stop at 10000 zone (Spot Level).

Look at the Bank Nifty chart:

Banknifty future trade setup

You can also see 100 EMA acting as resistance at that zone, so this trade setup is based on moving average and Fibonacci retracement. Let us see the open interest there and then decide the trend direction using the Trend Finder tool here. I will also take look at the banking stocks like State Bank of India, ICICI bank, Bank of Baroda and HDFC bank, if these banks are facing some selling pressure, then only I will go for short selling bank nifty future. Indian GDP data will be announced on 31-May and most of the experts are expecting the data to be flat. I am not sure if the market has already discounted the news by under-performing western and Asian markets.

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About Bhaveek Patel

Bhaveek 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.

Comments

  1. Umesh says

    Hi

    You write very good articles on stock market.
    But I wish to request you to please put a date on the article as when we surf your website it is just difficult to know the relevancy of the article, as there is no mechanism to know, how old is the article, whether it is relevant in present situation or not.

    So, please put a date on each article henceforth.

    Reply

    • Bhaveek Patel says

      Hi Umesh, In my recent article I have included date and will continue do so from my next articles. Thanks for telling me about this situation. 🙂 Happy Trading!

      Reply

      • Umesh says

        Thanks Bhaveek.
        I am pleased to know that you have started putting dates on the articles from today itself.
        Happy Trading!

        Reply

  2. Anu anupam says

    Hi Bhaveek,

    As per today’s data, Bank Nifty today made a Hanging Man pattern on chart, which is reversal sign and should give a pullback.

    I checked for SBI, ICICI and HDFC Bank too…

    SBI is Spinning top and bottom so a revrsal from downtrend is there too
    HDFCbank has strong hanging man pattern
    Same with ICICI

    All the 3 heavyweigths of Bank Nifty are leading towards an upward move….

    I am planning to gpo long with sl of 9780 (high of 29th MAy’12) going for targets of 10K

    Reply

    • Bhaveek Patel says

      As front line banking stocks have moved higher and created reversal patterns on daily chart, It would be more preferable to take long positions on bank nifty. Stop loss seems to be very tight in this case as bank nifty has high volatility which can easily trigger your stop, however risk reward ratio is favorable.

      I recommend to place stop at least 100 points away from your entry.

      Reply

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