bank nifty report for 19 October 2016

bank nifty report for 19 October 2016 Bank nifty future today closed at 19507 with a strong rally of 500 points from previous lows. After a strong opening, major bank stock supported index to achieve my target of 19370 and now heading for 19650 target zone. Bank nifty future still is in a downtrend but this short covering rally might continue and we may expect target up to 19650 to 19700 ahead.   On downside 19370 and 19100 will act as support zones for bank nifty future and on upside 19650 and 1990 are resistances as well as target levels. Reversal below 19670 means bank nifty future can test previous lows in medium terms. Future traders holding long positions in bank nifty future expect target around 19650-19700 with trailing stop loss. Today bank nifty 19300 call options from a low of 49 rallied all the way to 225. For intraday keep buy on dips view on bank nifty 19300 call options for gains. For Bank nifty future tips on WhatsApp with support and follow-ups join our future tips advisory service.

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Pramod Baviskar

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