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BANKNIFTY Update 12. 02. 2021

Fifth consecutive range bound day on the banknifty index while nifty continues to advance to higher levels. Moving averages have started to collide while preparing for a possible massive move. Today's Trade plan worked just exactly as per we had mentioned in yesterdays blog. Opening can be where you short puts near support zone with a 25 point stop-loss and then a range bound day where previous days low gets tested once again. Alongside I also decided to short CIPLA which gave a good profit too.

BANKNIFTY Resistance Zone - 35991.983/35872.041

Support Zone - 35632.159/35512.218

Trade: I would consider buying BANKNIFTY FEB 35700CE on the next dip at 760/740 range with a stop-loss of 640 and target of 1200+.