banknifty technical analysis for 4 march 2016
Banknifty future today closed at 15140 with gain of 30 points. Banknifty hit high near 15200 and heading towards target of 15300. 15200-15300 is strong supply zone for this index future so stay alert and keep tight stop losses. I suggests for booking full profit and follow wait and watch strategy. Today we seen 6% open interest addition on long side. In last 4 trading sessionalmost rallied by 1800 points. On downside 14360 is major support and expect retracement up to this level if banknifty fails to cross 15300 zone. 1800 points half comes at 14300 so technically also that will be target for banknifty on correction. Risky traders can use 15200 or 15300 put options to play upcoming correction with strict stop loss as per risk appetite.