banknifty technical forecast for 28 june 2016

banknifty technical forecast for 28 june 2016
Banknifty future today closed at 17492 with gain. In intraday banknifty hit low around 17339 while banknifty future intraday high was 17593.
Banknifty future successfully crossed major hurdle of 17420 and closed above it which is bullish sign. But India’s next central bank chief faces a tricky task completing a bank clean-up spearheaded by outgoing Governor Raghuram Rajan.
And also globally, European and Japanese interest rates can go a little deeper into negative territory; the Bank of England may cut rates once or even twice. Central banks remain vigilant over Brexit effect is statement from Indonesian central bankers. Bank of America Merrill Lynch warned “Brexit is an exogenous shock” that will lead to lower growth, lower rates and a stronger dollar.
Shares in U.K. and European banks fell again Monday as their earlier plans to improve returns looked like pipe dreams after Thursday’s vote. But Indian stock market looking resilient and banknifty future above 17420 will remain buy for tomorrow. 17750 and 17910 are upside resistance levels.
Above 17420, expect strong short covering in banknifty 17400 call options so remain buy for short terms.
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Pramod Baviskar

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