October 22, 2017

MTECHTIPS

MTECHTIPS:INTRADAY TRADING ANALYSIS FOR BANKNIFTY FUTURE

Bank nifty dec future today closed at 12267 with gains of 87 points or 0.72%.today bank nifty future with gap down opening hit low of 12120 and closed near high of 12291.today total 170 points volatility seen in bank nifty future.while on open interest side 2.44% change seen. for tomorrow we are bearish on banknifty and reason is still technically overbought on hourly chart and stretching up.which any time may get converted into sharp selling. for tomorrow 12195 is major intraday support and if slips below that then start lower top and bottom cycle of correction.while swing traders must accumulate short in between 12200-12300 with stoploss above 12450!! option traders still look at 12000pe and follow buy on decline with same stoploss of 12450.on downside bank nifty visible targets are 11900 and then 11720.

Bank nifty future both swing and short term traders follow sell on rise strategy
for targets of 11900 to 11720 on possible correction.
option traders must buy 12000pe dec series on every decline.

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