MTECHTIPS:INTRADAY TRADING ANALYSIS FOR BANKNIFTY
Banknifty jan expiry future today closed at 12570 with loss of 9 points or –0.06%.today bank nifty gap up opening hit high of 12603 while todays low point was 12508.total almost 100 points intraday volatility with 1.19% open interest build up.bank nifty spot closed at 12458. on chart look like taken support of 12530 with bullish indicators momentum.but large picture is still bearish and below top of 12676 we expect correction is coming.last 3 session only range bound moves no clear cut direction. for all shorts accumulate din between 12550-12600 keep stoploss just above 12680 and expect 12400 to 12150 on downside positionally. for intraday shorts suggested below 12530 only with stoploss and for targets 12400.option traders can still look at 12500pe and buy on declines.
Bank nifty future stay short positional with stoploss above 12680
for downside targets of 12400-12150
for intraday go short below 12530 only
option traders can buy 12500pe positionally.