banknifty technical : headng towards given tgt 16550

banknifty F&O technical analysis for 22 march 2016

banknifty F&O technical analysis for 22 march 2016

Banknifty future today closed at 15937 with gain of 267 points. Index future closed at day high on buying optimism. 9% open interest addition seen on long side.     Banknifty future is heading towards 16550 target but indicators are entered overbought zones. So bulls must stay cautious and keep trailing stop loss to their profit making positions. While risky traders can follow sell on rise view from here.     On downside banknifty might test 15300 and then possibly 14500 levels in next series. Option traders use far month put options for buying and accumulation on decline.

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