Bank nifty future report for 18 Ocotber 2016

Bank nifty future report for 18 Ocotber 2016

Bank nifty future today closed at 19105 with gain. Today we saw strong gap up opening in banknifty futures as ICICI BANK lifted index with gain. Look like bank nifty future has made short term bottom around 18800 and now time to move up.

 

Bank nifty future price trend is down but momentum is clearly shifted and expect to continue on recovery side. Banknifty future on downside has strong support zones around 18800 and 18700 while on upside 19370 will be first swing target level as well as resistance. Today we saw banknifty intraday high of 19268!

 

Future traders must keep buy on dips view and expect upside targets of 19370 and above it banknifty short term trend will change to bull side and set targets at 20300. Option traders keep buy on decline view in banknifty 19000 call options for big gains in medium terms.

 

Banknifty weekly chart suggesting correction is over and banknifty is heading for medium to long term target of 20700+.

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