Bank Nifty Weekly Charts Future Price Prediction - Trend Remains Down - Sell on All Rallies - No Questions Asked!!

Bank Nifty Future has been long in a down trend. It did bounced off from lows made around 8350, till 11280, currently at 9993. So do you Buy or Sell now??

Here is the latest weekly charts of Bank Nifty Future:

Bank Nifty Future Weekly Line Charts, did hit a perfect high at the trend line as you can see above

As you see above Bank Nifty did hit its perfect resistance on the line charts @ 10700 which is closing to closing and then retraced lower. So how does the future looks like? Do you need astrological predictions to trade for profits? Nope, charts say it just enough if not all.

Traders need to sell Bank Nifty Futures on all rise. Consider yourself lucky to get a price to sell anywhere between 10400-10500 and do that with a stop loss of 10800 by closing for a target of 8900-9000 in this October Future and Option series. If there is a positive CAD number on monday, then 10500-600 can be tested. Perfect price (risk:reward) to sell.

Or

In case there is no rise in the markets (Nifty) and Bank NF and a poor CAD, then sell on a break below 9900 with 10200 as stop loss. Selling pressure will increase when Bank Nifty breaks below 9600 and the above mentioned level and gear up to re-test lower levels along with the market and Nifty Future.

Due to higher implied volatility and a 5 week long F&O series this October, options premium are too high, hence it makes sense to Sell Calls (CEs) Options rather than buying Puts (PEs). Yes, it will require higher margin, but then that should be okay.

So if there is a bounce/bear rally in markets, look to sell at the money Index call options and wait for the downside to began. But do buy back/cover your options which you will sell at lower levels when the premium melts, even though they will most likely expire at Zero, don't let them stay open or hedge at lower levels. By then my updates will follow anyway!

Good Luck
Happy and Safe Trading!