Bank Nifty has today hit its upside resistance line, and also hit our target of 36,000 in the morning itself. The risk-reward on Bank Nifty at current level does not look good, and we have closed all our long positions today.
Today’s upmove was driven by 12% rise in SBI, which hit 400 today morning. The sharp move in SBI from 300 to 400 within a few days has taken most traders by surprise. We were having SBI shares, which were sold yesterday at 356 and today at 400.