banknifty downtrend resumed-likely tgts 13900-13400

banknifty future technical analysis for 24 feb 2016

banknifty future technical analysis for 24 feb 2016

Bank nifty future today closed at 14010 with almost 400 points loss. In intraday, almost 500 points swing seen and bank nifty almost touched my given tgt of 13900. Today move a definite signal of primary downtrend continuation. On downside 13900 and 13400 are technical support zones as well as targets for this bearish move. Those are holding shorts in bank nifty must trail stop loss above 14200 for tgt 13900 and 13400 until expiry. Options traders can buy ITM bank nifty put options for making money with momentum.

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Pramod Baviskar

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