banknifty weekly : above 15310 expect next major tgt 16550

banknifty weekly technical analysis for 14 to 18 march 2016

banknifty weekly technical analysis for 14 to 18 march 2016

Banknifty future this week closed with loss. After last week strong reversal and breakout, we seen some correction and consolidation.   My given target of 15310 is achieved and now next major target for banknifty future will be 16550. This target is possible if banknifty future sustain above 15310.   On downside 14700 to 15k is major support area and any retracement in that zone is buying opportunity with stop loss. Above 16550, bank nifty future will open tgts of 17500 and 18800.   Risky Future traders can follow buy on dips view for tgts 15300 and above it for tgt 16550. Option traders can use far month 16500 call options for buying and accumulation.

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Pramod Baviskar

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