Bank Nifty weekly-achieved 19050 next target 18450

Bank Nifty weekly-achieved 19050 next target 18450 Bank Nifty weekly technical analysis 7 to 11 November 2016 Bank Nifty future this week closed with loss. This week we almost saw 700 points drop in bank nifty future from top. On weekly chart, bank nifty is after correction trading in range or consolidating in wide range of 18800 on downside to 19900 on higher side. On daily as well as weekly chart, bank nifty future is trading in oversold zone so in my view traders must keep buy on dips view. In upcoming 2 series, index future and option traders might face strong volatile as well as uncertain environment so keep tight trading stop losses to minimize losses.   Bank nifty future touched support of 19050 which was its downside target and below it next major support as well as target is at 18450. Previous major bottom support is at 18800. As banknifty index is oversold I am taking contra view and follows buy and accumulate on decline for medium terms.   Bank Nifty future positional traders use 19000 to 18800 zone as buy and accumulate for minimum targets of 19460 and then 20050. Above 19460, bank nifty future will enter bullish trend for target 20050 and above. Bank Nifty option positional traders can use bank nifty 19500 and 19700 call options of December expiry as buy on decline for big gains in short to medium terms.   From long term view, banknifty future major support is at 18800 if closes below it then it will open downside up to 17300 in loner terms. Bank nifty future long term trend is still bullish but momentum is on corrective side.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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