banknifty technical analysis for 26 feb 2016
closed at 13554 with a loss on expiry day. Bank nifty future achieved 13600 tgt and given now heading for the bottom of 13400. From yesterday’s top bank nifty almost given 300 points profit for short sellers. On downside 13400 is support and next target zone for this index. On long term basis, weekly and monthly chart suggesting a 12k target for bank nifty with today breakdown move. Bank nifty future if sustain below 13900 then expect 12k in next 3 to 6 month period. Fresh long-term investors must follow buy and accumulate in a staggered manner. Risky traders can buy bank nifty at the money option if bank nifty hit 13400 with stop loss for bounce back move.
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