Banknifty future in month of September, closed at 24079 with loss. This was second losing month for Banknifty future and in these 2 months Banknifty future tumbled from highs of 25260 to low of 23609 total 1650 points fall from top to low. In September, Banknifty future hit high at 25104 while recorded low of 23609 and closed near low. Total almost 1500 points month range and another weak closing for Banknifty future on correction.
For month of October, Banknifty future below 24280 will remain weak and bearish and trading strategy remain sell on rise with stop loss above 24400. On downside Banknifty future will have support as well as sell targets around 23500 and then 22800 for October series. If gives reversal and sustain above 24280 then that will be strong buy signal for short covering rally up to 24950 to 25770 levels.
Daily and weekly chart price pattern and indicators and oscillators are weak and with sell signals and banknifty might show more fall than nifty if downtrend persists.
For future traders, Banknifty future outlook below 24280 remain strong bearish and trading strategy will remain sell and accumulate. On downside 23500 is first target zone and then 22800 will be next target level. If Banknifty future gives reversal and sustain above 24280 then exit shorts and follow buy and accumulate strategy for target 24950 and then 25770.
Banknifty option traders below 24280 resistance, keep buy and accumulate trading strategy in Banknifty 24300 put options of this expiry or Banknifty 24000 put options of next expiry with stop loss for big gains in month of October. We already saw Banknifty 24300 put options of October expiry rallied from low near 225 rupee to highs of 649 rupees in month of September.