banknifty F&O report for tomorrow 29 sep 2016

BANKNIFTY - Candle Three Months_1d 2016-09-28 163223 Banknifty October expiry future today closed at 19826 with gain. In intraday banknifty hit low at 19653 and given strong recovery rally to close near high of 19866. Today we saw total 200 points intraday range for banknifty future and positive closing after continues fall.   Banknifty broke short term channel support yesterday which was sell signal. For tomorrow banknifty outlook remain weak and trading strategy will be sell on rise. On upside 19900 and 20050 are strong resistances while on downside 19620 and 19400 are support zones as well as target levels for banknifty future.   Banknifty swing short target is at 19350 which can be expected in this week. Banknifty future weekly chart suggesting topped out pattern so expect deep correction or downside in medium terms.   Future traders below 20050 follow sell on rise strategy and expect targets 19620 to 19400. Swing traders can expect tgt 19350 and below.   Option traders use banknifty 19900 and 20000 put options as buy on dips for big gains in short terms.

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Pramod Baviskar

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