Bank Nifty - Weekly Review Feb 7 - Feb 11

 Last week profit booking started when price was nearing 40,000 and the down trend has started. Bullish above 39000 - 39060 for the targets 39200, 39340, 39520, 39800, 39960, 40080 and 40200. Bearish below 38840 for the targets 38700, 38560, 38400, 38220, 38040, 37860, 37720 and 37600. Put call ratio is 0.82. Highest OI is seen @ 40,000 where the profit booking started. Maximum pain is seen @ 39000.

What strategy I followed last week? Whenever price went up and showed the sign of pull back, shorted it. I have marked the consolidation zone & the support for BN in the chart. Use it as a guidance in your trading.


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