October 22, 2017

MTECHTIPS

MTECHTIPS:INTRADAY TRADING ANALYSIS FOR BANKNIFTY

Bank nifty dec future today closed at 12090 with gains of 352 points or almost 3% gains percentage wise.today bank nifty with gap up opening set on rally mostly on short covering.today bank nifty dec future hit high of 12098 while low was 11756.on open interest side we seen 105% long and short covering open interest change!! for tomorrow we expect some correction and consolidation and then rally will start its upside momentum.on intraday chart bank nifty dec future in highly overbought state.indicators must be cool off for next run.so expect correction upto 11930-11850 and then rally will pick momentum against.below 11700 trend may change direction. on option side traders must accumulate now in bank nifty 12500 call option on every sharp dips with stoploss of 11400.now on chart 12100 is top!rally in axis bank and sbin may add 400-500 points to bank nifty in upcoming weeks if environment remain same!!

Bank nifty future expect correction and use for that for long creation.
buying zone is 11780-11900 which is wide
on upside 12500 swing target still look intact.
option traders buy 12500ce jan on declines.

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Mtech

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