banknifty index : below 17200 next major support 16900

free banknifty future and option tips for 3 December 2015 free banknifty future and option tips for 3 December 2015 Banknifty December expiry future today closed at 17282 with 192 points. Loss. Banknifty faced strong resistances of 50 ema and given reversal move which is a very bearish sign for short term traders. On trend channel, bank nifty spot major moving support is at 17200 and below its next support will be 16900. So daily closing below 17200 means deep downside up to 16900. Daily chart RSI also formed rounding top with bearish divergences. For tomorrow, bank nifty intraday supports will be 17200 and 17050. I still hold contra view and suggest a buy on dips strategy here as the trend is still intact. On the upside, targets will be 17450 and 17620. Option traders use 17200 call options for buy on a decline. Banknifty weekly chart also suggesting major support at 16900.

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