BANKNIFTY for 13th November

Banknifty (BNF) is packing the power of 12 bulls! There are 12 constituent banks of BNF and not a single bank closed in negative on Monday, can you believe it ? The least increase was in PNB and highest increase was in RBL bank. In a way, Banknifty is responsible for Nifty not falling massively. In my post on Nifty, I have enlisted negative news which might influence markets tomorrow. So if that happens, BNF's movement tomorrow will be restricted but it will certainly not fall big time. So even if it finishes as red candle, it would be with higher high and higher low. So in that case where are supports? On 15 min chart, I have shown 2 supports which I expect BNF to respect. In case of fall, I expect BNF to stabilise around 30800. Option chain data also shows good total OI build up and Put writing on strikes 30800, 30700 & 30600. On higher side, if it breaks 31,205, Monday's high, then next resistance is at around 31,470.
Short selling in BNF is bad idea. Buy at around 30,800 if it comes there with a stop loss of 100 points and gain expectation of around 250 points.
All the best. Happy trading.