Banknifty April series : support 15500 tgts 16900 and 17700

Banknifty future monthly technical analysis april 2016

Banknifty future monthly technical analysis april 2016

Banknifty future in March series almost rallied by 2500 points. Low of 14081 and high was at 16283. April series opened green and showing some strength.     In dec 2015 to Feb 2015 series, banknifty tumbled from high of 17577 to low of 13400. Total 4200 points fall out of which half is covered in March series.   In last series, banknifty future achieved my given targets of 14350 then 15300 while 16550 targets only missed by 250 points.   For April series, banknifty future above 15500 will remain bullish and buy on dips. On upside targets are revised to 16900 and then 17700. Before moving upside banknifty might test 15500 support.     Future traders can buy banknifty future near 15500 for best risk reward ratio with stop loss for targets 16900 and then possibly 17700.   Option traders can use far month banknifty 16900 call options as buy and accumulate near 15500 with stop loss.     Below 15500 on weekly closing basis, banknifty turn bearish on breakdown. Downside supports as well as targets will be 14700 and 13300 in that scenario.

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Pramod Baviskar

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