In the late hours trading on yesterday there was a massive push up seen in bank Nifty.This is mainly due to the short covering in bank Nifty and bank stocks in equity. The earlier news on infusion of additional funds to the banks to balance their bad debt and operation is not yet make any impact in bank stocks. Most of the stocks in banking segment was trading at their month - low prices.
As we pointed out yesterday in our earlier post yesterday bank Nifty was performed an intrady swing and gave a good profit to the members of our Facebook secret group members.
There is a strong buying (short covering) seen yesterday.
How to tackle today's bank Nifty trading.
The following are the support and resistance levels of the bank Nifty today:
Support: 16685 (if falling below will make further downside possible)
Resistance: 17910 (rising above can be considered for positional trading too)
The following are the bankNifty option strikes to be watched.
18000CE
17200PE
If you want to earn more from option trading in Nifty and bankNifty join our correspondence course in NiftyRapidFire trading.
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