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:
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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