Mental Toughness Required by Traders

The mental part of the game. Its an aspect of trading that can easily be ignored, we all choose how we approach this game. Some see failures as opportunities to learn and progress, while others see them as outright failures and road blocks which should be avoided at all costs. Its all about attitude.
I feel that trading should be ‘easy’ It should be effortless and without conflict. If we are going to be in this game for 20+ years. I feel its important to make the experience as easy as we can. We shouldn’t be ‘fighting’ with the market, in the boxing ring, hoping, fearing and stressing.
There is RISK management, but SELF management is equally as important. When we are actively trading the market, we are free to make buy and sell decisions whenever we want. The tough part is consistently making the correct buy/sell decisions. These decisions come with conflict!
Taking Profits
So this is the hardest part of trading. It can be made simple if we accept a few hard facts.
1. You will never sell at the top.
2. Your going to be wrong when you sell.
This is fact. As soon as you sell, the stock will probably keep going up. You may look at it 5 months later and its up 100% since you sold it. Point is, when you sell, your probably going to be wrong. This creates a conflict.
As humans, we do not want to...

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FII Derivative Data Analysis for end of 1 Quarter 2012

Below is my Interpretation of FII OI data Sheet for 29-Mar-12.

1. FII  bought 21560  Contracts of NF worth 540 cores OI also decreasing  by 412195  contracts.As it was March Future Expiry thats why we are seeing such huge reduction in OI.

2. As Nifty Futures was down  by 20 points and OI has decreased by 412195  contracts means  institutions have exited mostly out of   shorts in NF as net OI has decreased with fall in price.
3. Nifty  for the 4  day was unable to move above 50 SMA@5306. Again saving grace comes that Bulls are protecting 200 SMA@5150 Till Nifty is trading above this level bulls still have a chance for Pullback.Bulls made a good attempt today to defend 5150 area.

4. Channel bottom comes at...

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FII Derivative Data Analysis for March Expiry

Below is my Interpretation of FII OI data Sheet for 28-Mar-12.

1. FII  bought 6364  Contracts of NF worth 174 cores OI also increasing  by 52478  contracts.

2. As Nifty Futures was down  by 54 points and OI has increased by 70131  contracts means  institutions have created fresh  shorts in NF as net OI has risen with fall in price.
3. Nifty  for the 3 day was unable to move above 50 SMA@5302. Again saving grace comes that Bulls are protecting 200 SMA@5151 Till Nifty is trading above this level bulls still have a chance for Pullback.
4. Nifty has formed..

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FII Derivative Data Analysis for 28 March trade

Let me explain what exactly is GAAR
GAAR (General Anti-Avoidance Rules) is a taxation regulation that will make investors pay tax who otherwise legally avoid it.Under GAAR, the revenue authorities will get to tax transactions or arrangements which were conducted or set up just to get tax benefits.So routing transactions through tax havens like Mauritius for achieving the tax benefit will not be allowed.
Why FII are worried ?
FII invest in india using P-notes  P-notes are financial instruments used by investors or hedge funds that are not registered with Sebi to invest in Indian securities. The investor does not have to fulfill KYC (Know Your Client) norms here and gets to invest whatever amount he wants by keeping his own identity hidden.
There is confusion in the market whether the gains from these instruments will also be taxed. Now, with the finance ministry’s statement, there could be temporary relief, but FIIs might not be wholly convinced. 
So basically till FM leave P note out of purview of GAAR FII will be happy as they do not have to reassess there taxation strategy and move funds from Mauritius to Singapore.
This was the reason for the Volatility which we are seeing from past 2 days in market and will continue to next 2 days also.


Below is my Interpretation of FII OI data Sheet for 27-Mar-12.

1. FII  sold 20515  Contracts of NF worth 555 cores OI also increasing  by 70131  contracts.

2. As Nifty Futures was up  by 60  points and OI has increased by 70131  contracts means  institutions have covered shorts in NF as net OI has risen.
3. Nifty  for the 3 day was unable to move above 50 SMA@5295. Again saving grace comes that Bulls are protecting 200 SMA@5153 Till Nifty is trading above this level bulls still have a chance for Pullback.

4. Nifty March  OI has decreased   by ....

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Technical Calls:Bank of India,Rel Capital and Larsen

Successful traders are sharp, curious, and unassuming people. Most have been through losing periods. They graduated from the school of hard knocks, and that experience helped smooth their rough edges.

Bank of India

Bank of India is near its channel support at lower trendline.Bounce back can be accepted if low of 350 is protected.

Buy above 356 Tgt...

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FII Derivative Data Analysis for 27 March trade

Below is my Interpretation of FII OI data Sheet for 26-Mar-12.

1. FII  sold 55909  Contracts of NF worth 1435 cores OI also increasing  by43783 contracts.

2. As Nifty Futures was up down by 94  points and OI has increased by 43783  contracts means  institutions have added  Nifty Future shorts. Nifty did a move of 70 points in first 30 min and after that consolidated and gridded in a range for throughout the day. AS we mentioned on Sunday analysis FII are carrying shorts and effect was seen in Opening hours only.
3. Nifty  broke the...Read the Full Story

Technical Calls:bank Nifty,ICICI bank and Century Textile

Markets seduce greedy traders into buying positions that are too large for their accounts and then destroy them with a reaction they cannot afford to sit out. They shake fearful traders out of winning trades with brief countertrend spikes before embarking on runaway moves.Lazy traders are the favorite victims of the market, which keeps throwing new tricks at the unprepared. Whatever your psychological flaws and fears, whatever your inner demons, whatever your hidden weaknesses and obsessions, the market will seek them out, find them, and use them against you, like a skilled wrestler uses his opponent’s own weight to toss him to the ground.

Century Textile

Trading within a channel near resistance of 366. Volumes are good from past 3 days.

Breakout confirmation above 366.

Buy above 366 Tgt...

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FII Derivative Data Analysis for 26 March trade

Below is my Interpretation of FII OI data Sheet for 23-Mar-12.

1. FII  sold 14228  Contracts of NF worth 391 cores OI also decreasing  by 34982 contracts.

2. As Nifty Futures was up by 45  points and OI has increased by 34982  contracts means  institutions have added  Nifty Future shorts. Swift fall from 5327 NF shorts were added at higher levels.
3. Nifty  50SMA@5277,Nifty just closed at it keeping bulls and bears in state of confusion in further trend of market. Nifty has been in range bound direction in whole March month with volatile moves.
4.Average Traded Price of FII comes at...

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Nifty Weekly Technical Analysis for Week Begining 26 March

The following week we expected to be a trending week but again turned out to be a volatile week with daily range of Nifty of almost 100 points. We have march Expiry,Weekly and Monthly closing in the coming week which make in interesting both in term of data analysis and trading.
Lets see how technical are looking for the coming week.

Nifty Hourly Chart

Hourly charts all gaps are filled till 5200 and 50 SMA@5307  proving a resistance for the current upmove which started on Friday.Close above...

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8 reasons why stock market traders lose money

Many people think trading is the simplest way of making money in the stock market. Far from it; I believe it is the easiest way of losing money. There is an old Wall Street adage, that "the easiest way of making a small fortune in the markets is having a large fortune."
I discuss below eight ways of undisciplined trading which lead to losses. Guard against them, or the market will wipe you out. I am qualified to speak on this subject because I was myself an undisciplined trader for a long time and the market hammered me into line and forced me to change my approach.
1. Trading during the first half-hour of the session
The first half-hour of the trading day is driven by emotion, affected by overnight movements in the global markets, and hangover of the previous day's trading. Also, this is the period used by the market to entice novice traders into taking a position which might be contrary to the real trend which emerges only later in the day.
Most experienced traders simply watch the markets for the first half of the day for intraday patterns and any subsequent trading breakouts.
2. Failing to hear the market's message
Personally, I try to hear the message of the markets and then try to confirm it with the charts. During the trading day, I like to watch if the market is able to hold certain levels or not.
I like to go long around the ....

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Technical Calls:Bank Nifty,Larsen and Wipro

The losing traders have unrealistic expectations about the kind of profits they can make, typically shooting too high. They also debate with themselves before taking a trade, and even dwell on a trade well after it’s closed out. But the one big thing Williams noticed about this group was that they paid little attention to money management (i.e. defense).And the winners? This group has an intense focus on money management, and will voluntarily exit a trade if it’s not moving – even if it’s not losing money at that time! There is also very little internal dialogue about trade selection and trade management; this group just takes action instead of suffering analysis paralysis. Finally, the winning traders focused their attention on a small niche in the market or a few techniques, rather than trying to be able to do everything. Hopefully the second description fits you a little better, but if the first one seems a little too familiar.

Bank Nifty

Bank Nifty had a 3.3% fall yesterday but it stopped just at 10135. I have been discussing this level from past 3 days yesterday fall it respected this level.

Sell below 10135 Tgt...

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FII Derivative Data Analysis for 23 March trade

Below is my Interpretation of FII OI data Sheet for 22-Mar-12.

1. FII  bought 16884  Contracts of NF worth 452 cores OI also decreasing  by 7790 contracts.

2. As Nifty Futures was down by 154  points and OI has decreased by 7790  contracts means  institutions have booked profit  Nifty Future shorts. Now Question arises who have shorted NF then Well it must be retails and HNI.  FII were net buyers today in Futures and Options.
3. Nifty  50SMA@5272, have been breached at last on closing basis which spell troubles for Bulls. Tomorrow will be the real test of this uptrend whether it is able to close above ....

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Technical Calls:Bank Nifty,Tata Steel and Bharthi Airtel

When you put too much of your ego on the line with your money, you may feel great when you win, but on the other hand, you may feel discouraged when you lose. When you allow your ego to enter your trading, you put subtle pressure on yourself to succeed. This added pressure could compel you to make dumb mistakes like holding on to losing trades to avoid hurting your ego. It’s better in the end to take a professional approach to trading marked by objectivity and rationality. Sure, it is necessary to have a passion for what you do, but it is not necessary to get a swelled head.”

Bank Nifty

Bank Nifty double bottom scenario is in play and bounced back smartly yesterday. Today it willl face the trendline resistance at 10570. Crossing above this will give the first indication Bank nifty will move towards it swing high of 10912.

Buy above 10565 Tgt...

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FII FnO Data Analysis for 22 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 21-Mar-12.
1. FII  sold  36292  Contracts of NF worth 988.63 cores OI also decreasing  by 5324 contracts.

2. As Nifty Futures was up by 97  points and OI has decreased by 5324  contracts means  institutions have booked profit  Nifty Future shorts. Now question arises they have sold contracts worth 988 cores which gives conflicting signal, I will give benefit of doubt to more shorts adding at higher levels
3. Nifty  50SMA@ ...

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Technical Calls:Bank Nifty,SBI and Mcleod Russel

One of the biggest problems new traders have is focusing on the wrong things. I did it, everyone does it. Being perfect is one of those things. Perfect is not a pre-requisite for making money. There is so much money to be made in between. .
Perfection and satisfaction are almost never in the same sentence. Your goal is to make money in an efficient way. It is not to make money on every trade. Satisfaction, for me, comes from following my trading plan/rules. With a good plan/rules the money will take care of its self. If my goal was to be perfect I would fail most of the time or I would accomplish nothing. Remember why you are trading.
Perfect also makes it harder to move on. The ability to move on quickly is key in trading. You must analyze what happened, why it worked or not, make necessary adjustments, and look for new opportunities. If you are worrying about perfect you are always going to be looking backwards. You get stuck in a transition stage. I think of these stages like quick sand, the longer I am in them the more I have to dig myself out. It is important to spend time in the transition stages but not so long it suffocates.

Bank Nifty

Bank Nifty formed double bottom on daily charts not breaking the low of 10135.
This is a bullish signal if this low gets protected for next 2 days.

Buy above 10300 Tgt...

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FII FnO Data Analysis for 21 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 20-Mar-12.

1. FII  sold  7151  Contracts of NF worth 193 cores OI also decreasing  by 6577 contracts.

2. As Nifty Futures was up by 19  points and OI has decreased by 6577  contracts means  institutions have booked profit  Nifty Future shorts.
3. Nifty   50SMA@5252, Close below this is first indication of a bearish market from medium term perceptive. For immediate short term we are in bearish trend till we are trading below 20 SMA@5353.
4. Today was a Sideways day with volatile trend in market as volatility has collapsed from 27 to 22. Nifty is consolidating before the crucial 50 SMA and most important of all...

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FII FnO Data Analysis for 20 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 19-Mar-12.

1. FII  sold  12749  Contracts of NF worth 327.18 cores OI also increasing  by 36237 contracts.

2. As Nifty Futures was down by 65  points and OI has increased by 36237  contracts means  institutions have shorted Nifty Future.
3.Today we were able to fill the gap from 5292-5220 Low made by Nifty was 5238.As discussed in Weekly analysis Gaps do provide an excellent opportunity to make money and Nifty obliged us.

4. Nifty today bounced...

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Technical Calls:Bank Nifty,ICICI Bank and Pantaloons

Bank Nifty

Bank Nifty has been trading 10900-10350. Break of 10285 will start the gap filling process.

Sell below 10345 Tgt 10285,10215 and 10170

Buy above 10525 Tgt 10595,10625 and 10699

ICICI Bank

ICICI bank forming a rising wedge pattern.

Sell below 910 Tgt...

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Nifty Weekly Technical Analysis for Week Begining 19 March

The Last week promised to be an eventful week but turned out to be an non event week.
RBI did not pulled any trigger on Repo cut and further putting court in Government of India court asking them to cut the fiscal deficit and move towards fiscal consolidation.
If you do not take steps towards fiscal consolidation we will not cut rate was the clear cut signal. Market reacted negatively on that day!!
Next day being the Budget day also proved uneventful with no major reforms getting into picture. But on Whole my personal Opinion is Budget was quiet balanced with more focus on fiscal consolidation.Reduction of Fiscal Deficit from 5.9% to 5.1% would be a tremendous Job if achieved.
Market Reactions from the coming week after  Budget Day from past 4 years is presented below....


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FII FnO Data Analysis for the Budget Day

Today is an all important event from a Stock Market perspective, Annual Budget 2012 will be presented today by Mr. Pranab Mukurjee.
Financial Markets will like Budget to be more of fiscal consolidation ie. Controlling the ballooned Subsidies on Diesel,Petrol and Fertilizers etc.
A Pragmatic Budget which paves way for growth by controlling the expenses and getting more revenues is the need of Hour. Will FM oblige us?
From Traders perceptive what matter is to be on right side of market.
Last Budget which was on 28 Feb and Nifty made a High of 5477 and low of 5308. So wild Swings expected today. Trade with caution with strict Sl
Below is my Interpretation of FII OI data Sheet for 14-Mar-12.

1. FII  sold ...

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Technical Analysis:Bank Nifty,ITC and Welspun Corp

Feelings naturally appear during trading. The feelings we don’t like seem to have roots deep in our unresolved issues. Somehow they get stuck and do not finish passing through, and can cloud the judgment and interfere with trading. The feelings we do like seem to pass through quickly without much trace.
I suggest getting to know your feelings, by experiencing them, expressing them, letting them pass through and finding out they are pretty much all good ones.
Jet engines work best when they are open at both ends.

Bank Nifty

Today is Crucial RBI meet Will it be Non-Event, Rate cut expectation are quiet less looking at high inflation figure we got yesterday.

• No Surprise will lead to continuation of trend ie. Upside
• Repo Rate Cut of 25 BPS bullish upside  move towards new high of 11226
• Hawkish Statement that further rate cuts will not happen in April a down move can occur.

On Daily chart it broke the upper trendline (shown in red)with a gap up came down to take support at trendline and bounced again.

Buy above 10936 Tgt....

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FII FnO Data Analysis for 15 march RBI Rate Decision

Below is my Interpretation of FII OI data Sheet for 14-Mar-12.

1. FII  bought  31871  Contracts of NF worth 870 cores OI also increasing  by 13041 contracts.

2. As Nifty Futures was up by 38  points and OI has increased by 13041  contracts means  after 2 days of profit booking institutions are back on buying side and fresh longs were formed in market before the crucial RBI meet.
3. Today we Opened with a Gap of 60 Points and the gaps could not be sustained as we have discussed in our Facebook page One of ...

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FII FnO Data Analysis for 14 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 13-Mar-12.

1. FII  sold  1294  Contracts of NF worth 47 cores OI also decreasing  by 9700 contracts.

2. As Nifty Futures was up by 80  points and OI has decreased by 9700  contracts means  profit booking on  longs was done by institutions.
3. Today we Opened with a Gap of 30 Points and the gap never got sold off ie. no gap filling process took place, which basically means lower levels serious buying is emerging. Shorter who got trapped need to closes there shorts at higher levels
4.  Golden Crossover...

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Trading Calls:RIL,Bank Nifty,Aptech and BF Utility

Doing Nothing is market is also a Habit traders should develop.
Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.”

Reliance Industries

RIL made a pullback till 751 which was an important support area and bounced back  sharply. 815 is the strong resistance above which the momentum can go strong .

Buy above 803 Tgt....

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FII FnO Data Analysis for 13 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 12-Mar-12.

1. FII  sold  24854  Contracts of NF worth 674 cores OI also decreasing  by 4252 contracts.

2. As Nifty Futures was up by 24  points and OI has decreased by 4252  contracts means  profit booking on  longs was done by institutions.
3. Today we Opened ....

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Technical Analysis:Tata Steel,SBI and Bajaj Electric

SBI

After CRR cut of 75 BPS SBI is bound to open gap up tomorrow around 2300 levels.
Buying is advisable only above 2335.
Buy above 2335 Tgt...

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Nifty Weekly Technical Analysis for Week Beginning 12 March

The Week gone by ended with  CRR (Credit Reserve Ratio) cut of 75 BPS from RBI.  It was a Surprise in term of Timings as we have credit policy on 15 March and quantum. Most Optimistic market participants accepted only 50 BPS, 75 BPS was quiet a surprise as it pumped 48,000 Cores in market.

Another Shock which came late in evening was ISDA (International Swaps and Derivatives Association, Inc.) saying  Greek CDS (Credit Default Swap)Triggered By Use Of Collective-Action Clauses.

Let me explain CDS in layman term:

Suppose you bought a Car insurance that was supposed to pay out if you got into a car accident. If suppose you got into car accident than insurance has to repay for damages as per insurance policy and if suppose your car does not met any accident for the term of insurance insurance company will not pay out anything  .

Triggering of CDS means Payout of a net $3.2 billion needs to be done to banks,institution who bought the CDS.

Will it trigger a panic in financial system

The net payout on Greek CDS will likely to be $3.2 billion, and most of that money has already been set aside by the companies who will have to make the payments, according to ISDA.

Also Financials system is flooded with 529 Billion Euros of LTRO money so this amount is a dwarf amount and it shall not create any panic in market.

Panic if any shall be bought into by short term traders.

Coming Week will an eventful week with lots of Economic Data on every day which will market very volatlile

    12th Mar IIP
    13th Mar US FOMC rate Dec.
     14th Mar WPI and Railway Budget
    15th Mar Credit Policy
     16th Mar Budget.

Lets Jump into technical
Nifty Hourly Chart

On Hourly charts Nifty closed above...

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FII FnO Data Analysis for 09 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 07-Mar-12.

Wishing all Blog Readers a Happy Holi.

1. FII  sold  28305  Contracts of NF worth 742 cores OI also decreasing  by 18059 contracts.

2. As Nifty Futures was up by 8  points and OI has decreased by 18059  contracts means  profit booking on  shorts were done by institutions
3. Yesterday close was very crucial for ....

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FII FnO Data Analysis for 07 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 06-Mar-12.
What a wonderful day for Day Traders, Whole months of profits could have been made in a single day. Nifty Futures made a swing of 196 points and if someone would have just followed 5287  (SAR Level) trader would have made decent profits.
At the End of day its all Boils down to your trading discipline.
Ride Profit (using trailing sl) and Cut losses very quickly, An age old adage easy to say difficult to follow.
SP came to power without any support of congress was enuf to spook markets and after a wild swing session we ended near the lows of the day.Markets are bound to remain volatile till 16 march.
1. FII  sold ...

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FII FnO Data Analysis for 06 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 05-Mar-12.

Tomorrow we will have the UP election results which will be watched quiet closely by Nifty for further triggers. Lets discuss few probable outcomes and thier impact on markets.

We have 4 Major Parties :SP,Congress,BJP and BSP . I have assumed the best,worst and normal scenarios
1.S.P with clear majority Nifty should rally, with mild positive bias and Global triggers will take its effect Positive for Sugar and ADAG companies.
2.BSP with clear majority Nifty should rally with mild positive bias and Global triggers will take its effect  Positive for JP group of companies
3.Congress is King maker with increase in Seats Nifty will take in extremely positive and pre budget rally will follow till 5500
4. BJP is King Maker or with clear majority extreme negative for Nifty. We can see a down move till 5200,5000.

1. FII bought ....

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Nifty Weekly Technical Analysis for Week Beginning 05 March

The Week gone by had bout of volatility with Nifty closing below 1.3% WoW basis. Last week market was a range bound volatile  moves  with loads of Intraday volatility. After Dull Jan and Feb months March promises to be a volatile month where money can be made on both sides. Its an eventful month with starting with UP,Punjab,Goa and Uttrakhand results. Most Important results to watch out are of UP election and this will provide further trigger to market.
The coming week has Holiday on 8 March on account of HOLI.
Lets see which color Holi is played on Dalal Street Will it be Green or Red ?
Exit Polls conducted by various news channel has given a Hung Assembly in UP. Can they be trusted. I bet not reason being lets have a look at Exit Poll results by various news agencies  in 2007 election and what turned out to be in reality
The Indian Express-CNNIBN-CSDS pre-poll survey placed the SP’s tally in the 145-155 band; the BSP’s between 140 and 150 and the BJP’s between 50 and 60. The Times Now-Hansa exit poll put the SP’s tally between 100-110; the BSP’s between 116 and 126; and the BJP’s between 114-124. The NDTV-IMRB exit poll placed the SP between 113 and 123, the BSP between 117 and 127 and the BJP between 108 and 118. Star News-Nielson exit poll put the SP’s tally at 96, the BSP’s at 137 and the BJP’s at 108. The Congress came uniformly at the bottom of the heap in all surveys.
The final results were a surprise for all. The BSP virtually swept the polls with 206 seats. The SP bagged 97 seats and the BJP 51. The Congress scored the lowest with 22 seats.
So do not trust the Exit Polls results and wait patiently for 6 EOD to know the final outcome which if good will lead to a good rally in Indian markets. Lets analyses the coming week on technical grounds.

Nifty Hourly Chart

On Hourly chart Nifty is forming a triangle pattern with a stiff resistance at...

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Trading Quotes:Control Trading Emotions

A compilation of Trading Quotes which will be helpful to control your emotions during trading. Read them Daily before markets starts Belive me it will helpful in removing the mental blockade which you experience during your trading.

An avaricious or keen desire for profits is one of the most prevalent causes of failure in speculation. This weakness is general among traders. They desire “just a little more ” profit. If the stock or commodity bought advances, then that’s proof to them that it will advance further and so they hang on. They usually overstay and thus miss their market. If they fail to obtain the top price and it reacts, then they assure or console themselves by the expression: “Oh, it will come back.” It may “come back” but often it does not, and instead, declines to below the purchase price and frequently results in a loss. The same observations apply to a short sale for a further anticipated decline. It is a good policy to be satisfied with a reasonable profit and be willing to leave some for the other fellow. The market is always there and other opportunities for making profits will present themselves while the greedy trader is waiting to get the last eighth.

Greed leads to disaster in another way. A speculator has started in to buy at the inception of a bull movement. He makes money. The more he makes, the more avaricious he becomes as the market


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FII FnO Data Analysis for 02 march Trade for Nifty Futures

Below is my Interpretation of FII OI data Sheet for 01-Mar-12.

1. FII sold   13465  Contracts of NF worth 351.60 cores OI also decreasing  by 13253 contracts.

2. As Nifty Futures was down by 49  points and OI has increased by 13253  contracts means profit booking on shorts which were created yesterday,Also we are seeing Profit Booking in carry over Longs from previous series as SAR level is coming down.
3. Nifty has for third day....

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Technical Calls:Sterlite,Bank Nifty and Biocon

Bank Nifty

Bank Nifty has been trading in a downward channel ,yesterday was unable to cross the channel top marked in red line.
Bank Nifty has closed below 20 SMA also signalling selling coming on higher levels.Bank Nifty is also trading with 150 points premium :)

Buy above 10474 Tgt ...

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