The BankNifty had a big trend day on friday as it broke over our weekly range estimate and continues to trend higher.
The result was a 600+ day .
The chart above shows BNF trying to build a value between 11840- 11920 which got extended to 11785- 11985.
Since it was a drive UP, we do not see BNF having any trouble for longs till it sustains above 11720/ 11750.
However we see anomalies in the chart below 11720 and a dip to 11565 and even 11472 cannot be ruled out if 11720 breaks.
Hence idea would be to remain a buyer till 11750 holds with a SL below 11720 and short the break of 11715 with stops above 11760 for targets of 11565/ 11472 as explained above.
This view is valid through the week as anomalies remain on the chart.
Higher side above 11976 can go up to 12228/ 12402 in Futures.
The Nifty also had a trend day and crossed above the 6480 weekly target comfortably
We see intra day weakness below 6520 VPOC in which case NF should do 6486 again
However vwap of the rise of friday is at 6504 and may come between 6520 and the 6480 target.
On the Higher side above PDH longs can be tries with stops at 6520 or 6504 for 6652/ 6680.