banknifty future technical analysis for 1st april 2016
Banknifty March future today expired at 16144 with loss. Banknifty in this series hit high of almost 16300. My 16200 tgt achieved and tried to test 16550.price trend and momentum both are strong bullish but for me look like both indices at near top and now time for correction and consolidation phase. On downside 15980 and 15700 are support levels and targets on correction. 16550 remain as top resistance and stop loss for risker short sells. traders can buy banknifty 15800 put option with stop loss 16550 for gains on correction. From here max downside look up to 15600. Below it weekly trend will reverse on bear’s side!!!