banknifty monthly technical outlook for may 2016

banknifty monthly technical outlook for may 2016 Banknifty future last closed at 16872 with gain.   For month of May 2016, banknifty future major support zone is 16480. Below it expect downcycle for this index future.   In that scenario, banknifty future targets will be 15870 and 14870. On upside 17500 and 18100 are resistances as well as target zones if banknifty respects 16480 support level.   Traders must keep wait and watch strategy for now. While risky traders can go short with stop loss above 17200.   Weekly closing below 16480 will confirm breakdown for banknifty. Option traders can use next month 15k put option contract for accumulation.

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Pramod Baviskar

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