Bank Nifty future option analysis for 22 November 2016
Bank nifty future today closed with heavy loss. On downside 18400 was major support as well as sell side target which got achieved today. Below 18400, bank nifty next support will be 18000 and 17400. Closing below 18400 means super bearish bank nifty future with strong sell signal.
Bank nifty future also looking oversold on daily and weekly chart so my view still is buy on dips with stop loss for targets 19000 and 19460. Option traders use next or far month nifty 19500 and 20000 call options as buy on decline with stop loss.
If bank nifty future sustain below 18800 for 1-2 weeks then expect downside up to 17300 in medium to long terms.