banknifty future technical analysis for 8th june 2016

banknifty future technial analysis for 8th june 2016
Banknifty future today closed at 17886 with gain. Banknifty also inching higher in overbought zone on strong buying momentum as well as trapped short covering. But still expect large downside ahead.
 
For tomorrow, banknifty future above 17790 remain bullish and buy for targets 17965 and 18200. Below 17790 expect fresh sell signal and large downside up to 17200.
 
Future traders for intraday with stop loss below 17790 can go long for targets 17965 and then possibly 18200.
Option traders can buy banknifty 18000 call options with stop loss below 17790.

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Pramod Baviskar

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