MTECHTIPS INTRADAY TRADING ANALYSIS FOR BANKNIFTY
Bank nifty dec expiry future today closed at 12462 with gains of 11 points or +0.09%.today bank nifty future hit high of 12499 and todays low was 12422.total 77 points intraday volatility with bearish momentum.here also almost 1% drop in open interest suggest profit booking.for tomorrow,here we still bearish and expecting drop on lower side.on chart bank nifty top is 12600 and that remain strong resistance area.on downside targets revised to 12335 and then 11950 for now.on chart 12500-12550 is supply zone and good entry point for new shorts with stoploss above 12600.
euro zone concern,us fiscal cliff ,weak rupee and technical overbought index are fruitful conditions for accumulation of shorts!!
sell bank nifty future around 12500-12550
with stoploss above 12600 and expect 12335 to 11950
as intraday to positional targets in this week.
option traders must buy 12500pe for intraday.