1st july 2016 bank nifty technical forecast

1st july 2016 bank nifty technical forecast Banknifty July expiry future closed at 18002 with gain. Banknifty future now getting in momentum and today we saw almost 200+ points rally from lows. Stocks of power sector firms, telecom companies and private sector banks led gains for the two key benchmark indices.   In intraday banknifty future hit low around 17807 while high was at 18028. Fresh breakout on strong price action and volume. The broader NSE Nifty scaled the 8,300 mark for the first time this year. Other major gainers that contributed to the rally were Axis Bank, Tata Motors. In markets, banking 1.46 per cent, consumer durables 1.44 per cent, auto 1.39 per cent, capital goods 1.21 per cent, PSU 0.99 per cent and FMCG 0.89 per cent.   For tomorrow, 1st July 2016, banknifty future intraday support zones are 17775 and 17680. On upside 18050 and 18151 are intraday resistances as well as target zones. For intraday banknifty 18100 call option will be remain buy on dips choice.

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Pramod Baviskar

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