Bank Nifty future and option trading strategy for 16 Nov 2016
Bank Nifty future today closed at 19370 with loss. After last session rally today we saw profit booking in banknifty on panic.
Bank Nifty future price trend and momentum both below 19460 remain weak but traders use downside support zones to buy and accumulate. For tomorrow, Bank Nifty intraday support zones are 19150 and 18900 while on upside 19700 and 20150 are resistances as well as target zones.
Swing traders can use 18900-19000 near levels to enter long for big upside targets of 19460 and then 20050.
For investors 18300 level was golden investment opportunity.
Option traders can buy dec and Jan expiry out of the money Bank Nifty call options as buy and accumulate with stop loss for big medium term gains.
Weekly closing below 18800 will be very bearish sign and expect panic selling to extend up to 17500 to 17300 in that situation.