banknifty futures option for tomorrow 28 sep. 2016

BANKNIFTY - Candle Three Months_1d 2016-09-27 174748 Banknifty September expiry future today closed at 19588. Today banknifty hit high around 19740 while low was near 19500. Total 240 points range and another weak closing.   Banknifty future outlook for tomorrow remain weak and selling might continue till level of 19350. Which is strong technical support on downside. Daily closing below 19350 means correction will change into downtrend which eventually show much lower levels in medium terms.   For tomorrow, 28 Sep 2016, banknifty future intraday support zones are 19425 and 19350 while on upside 19740 and 19890 are strong resistances. Intraday banknifty future trading strategy remain sell on rise for target 19425 and 19350.   On option side, traders can use October series banknifty in the money put options as buy and accumulate strategy for short terms. Below 19350, banknifty future major downside support will be 18890.

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Pramod Baviskar

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