August 20, 2017

MTECHTIPS

 

MTECHTIPS:INTRADAY TRADING ANALYSIS FOR BANKNIFTY

 

Bank nifty dec expiry future today closed at 12589 with gains of 240 points or almost 2% price wise.today bank nifty future with gap up opening hit profit booking in overbought zone and made low of 12212.today bank nifty dec future high was 12589 and which shows how many shorts still trapped inside!!  today we seen almost 400 points volatility in bank nifty future and today last hourly rally was event based rally.

 

on open interest side we seen 2% + long build up.here now bank nifty given long term breakout and this rally may end upto 13000-13400 in next week.

 

we exited our shorts at 12450 with losses.

 

for tomorrow 12355 is strong support and fresh buyer enter here long for targets 13000-13400.indicators still in overbought zone but with fresh bullish diverg

 

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