banknifty future-stay short with sl above 17100 tgt 16825-16575

banknifty future-stay short with sl above 17100 tgt 16825-16575 Banknifty future today closed at 16908 with loss of 120 points. Clear underperformance on strong profit booking.   For tomorrow 17050-17100 is strong supply band and below it expect weak banknifty future.   On downside tgts as well as support zones are 16825 and then 16575.   If banknifty fails to cross 17k level on weekly basis then it increases chances of major correction up to 15500.   Option traders can buy banknifty 17100 put options on decline with same stop loss.

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Pramod Baviskar

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