banknifty weekly-expect reversal up to 17400

banknifty weekly technical report for 7 to 11 December 2015

banknifty weekly technical report for 7 to 11 December 2015

Bank nifty future this week closed with a loss at 16984. On the weekly chart, bank nifty bounced back up to major averages but failed to give breakout above them which resulted in profit booking.

For next week, bank nifty future support zones are 16900-16700 and last support will be 15800 which was September 2015 swing bottom.

On the upside, 17400 and 17680 will be strong resistance levels as well as target zones on a reversal.

In my view, future traders on bank nifty keep buying on decline strategy for targets 17400 and above. While options traders use 17200 call options as a buy on the decline for big gains in short to medium terms.

Banknifty monthly chart suggesting after this correction wave completion, bank nifty will head towards 17850 level.

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