July 16, 2014

BANKNIFTY technicals

B NIFTY is rangebound despite the one day close below recent support at  14500.

While the broader trend is up, it becomes difficult to trade when a stock/ index becomes increasingly rangebound. Now that the previous signal on BNIFTY was exit of long positions, we continue holding that view unless it closes above 16000.

Broader market view called for a pullback and this is what is happening. If long, your SL will be at day's low.

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