banknifty future support 16650, below it TGT 16250

Banknifty December expiry future today closed at 16753 with the loss of 108 points or 0.7%. Today fresh 10% addition was seen in open interest suggesting fresh shorts. In intraday bank-nifty breached 16700 support zone but closed above it in final closing.

Banknifty trend and momentum both are bearish and fresh breakdown seen today. On downside 16650 is now immediate support below it expect downside target at 16250.

For tomorrow, for intraday bank nifty support are 16670 and 16550. On upside 16850 and 1895 are resistances as well as short entry zones with stop loss.

Option traders use bank nifty 17000 put options to buy and accumulate.

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Pramod Baviskar

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