banknifty march 2016 technical analysis report

bank nifty march 2016 technical analysis report

bank nifty technical analysis report for march 2016

Banknifty in March opened in green and continue to gain. After last 4 months negative closing, banknifty had taken support of its 5 years average and given strong reversal. Which is very bullish signal from medium to long term view.   On upside 15227 is 3 years average levels and 16283 is 12 month average levels. Both will be strong resistances as well as medium to long term targets for this index. On downside 13766 is 5 years average level and bottom support. For month of March 2016, banknifty future above 14350 remain bullish and buy on dips. Upside expect target zones at 15300 and 16500 levels. 14350 is pivot levels and below it trend will change to bearish side.   On downside 13100 and 12200 are historic support zones and target levels if banknifty sustain below 14350.   Future traders trail SL below 14350 for targets 15300 and then 16500. Fresh buying also possible now. Option traders use 14200 call option for buying and accumulating above 14350 for big gains in March series.

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