banknifty intraday breakout resistance level at 16870

Bank nifty future closed at 16765 with a gain of 40 points. In intraday, bank nifty hit high around 16825 while low was at 16651. Total 175 points intraday range and closed with a gain. Banknifty short term price trend is still bearish. For intraday 16870 spot level will be breakout zone while, from positional view, short term trend reversal happens only when bank nifty spot gives closing above 16940.

On downside 16625 and 16550 support zones and fresh buying levels with stop loss. Option traders use 16500 call option to buy and accumulate on the decline. For swing traders who are short in bank nifty future must trail stop loss at 16940 for target 16480.

For bank nifty future 16700-16800 is make or break zone. Above it expect recovery and below it will be a fresh breakdown and primary trend continuation.