BankNifty entering Selling Zone, Stay Caution with Long Position

7. Sept. 2016

As the price action enters the previous resistance zone or a selling zone where previous buyers who got stuck at that high levels shall sell cover their positions and some buyers who have been enjoying the rally shall also cover their profits. Therefore, this whole situation where buyers and sellers looking to cover their position may result into some correction in Bank Nifty. Therefore, stay cautious with your positions for next two days of this week.