banknifty given strong reversal from my suggested support 13400

banknifty future techncal analysis for 1 march 2016

banknifty future techncal analysis for 1 march 2016

Banknifty future outperformed nifty and closed in green with gain of 216 points. In intraday we seen almost 800-850 points volatility. Banknifty tested downside support of 13600 and 13400. Which is I was suggesting from last 2 weeks analysis. On upside 14200 target also get achieved.   Banknifty achieved my both side targets. Today’s low of 13400 will remain as medium to long term support. This rally might continue towards 14450 levels. So traders must keep buy on dips strategy. 13900 and 13600 are support zones and levels to buy with stop loss.   Option traders concentrate on banknifty 14200 call options and follow buy on dips strategy. Weekly chart suggesting major reversal and as I already suggested for investors sub 13600 levels were golden opportunity.

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