banknifty future looks weak watch 15310 support

banknifty premarket predictions for 18 march 2016

banknifty premarket predictions for 18 march 2016

Banknifty future today closed at 15361 with loss of 175 points. In intraday we saw high of 15750 and low near 15300 and closed near low. Closing at low suggesting strong profit booking as well as fresh short addition. On downside 15310 is major closing basis support and traders must keep close watch on it.   Below it, banknifty trend will falter and may show deeper correction up to 14500!! Above it technical outlook remain bullish but weekly chart picture is bearish and suggesting banknifty peaked out.   Banknifty future traders Below 15310 open shorts with stop loss for targets 15000, 14800 and 14500. Option traders must exit longs and buy ITM puts below 15300 only.

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Pramod Baviskar

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