banknifty 14470 target achieved next tgts 15300-16500

banknifty technical analysis for 2 march 2016

banknifty technical analysis for 2 march 2016

Bank nifty future today closed at 14475 with gain of 486 points. Today we seen 3.5% gains in this index on strong buying volume. My given target of 14470 is achieved and banknifty future closed above it. On downside 14350 is support as well as trailing stop loss. On upside 15300 is my first target is at 15300 and above it far target will be 16500+.   On weekly chart, banknifty showing bullish piercing pattern or bullish engulfing pattern at bottom predicting bottom for this index.   On option side, option writers feeling pain, and on every upside expect sharp short covering rallied in premiums. My banknifty 14200 call option shown low near 100 and closed at high of 530!! Target of 1000 rupee if banknifty sustain above 14350 on closing basis.

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Pramod Baviskar

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