banknifty premarket : strong resistance at 15300 supports 15k-14700

banknifty technical analysis for 9 march 2016

banknifty technical analysis for 9 march 2016

Banknifty future today closed at 15151 with loss. As expected banknifty not sustained above 15300 and strong supply take index below it and closed below it.   On downside 15k and 14700 are major short term averages support levels and buying zone from my view. Banknifty outlook still bullish and expect 16550 as target zone of this recovery.   As soon as banknifty sustain above 15300 we will see another round of sharp short covering as well as momentum buying. Option traders can use next month or far month banknifty 16500 call options for buying and accumulation on decline.

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Pramod Baviskar

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