banknifty weekly analysis for 23 to 27 may 2016

banknifty weekly analysis for 23 to 27 may 2016 Banknifty future this week closed with loss. This week we saw freak high of 17300. From that level banknifty almost lost 800points.   For next week, banknifty outlook will be bearish below 15480 only. Below this level banknifty will collapse up to 15900 to 14900 levels.   As banknifty future still trading above it so still there is hope. For next week, banknifty on upside will have strong resistances at 16650 and 17050. On downside 16225 and 15900 are supports as well as tgts if breakdown happens. Future traders below 16480 can go short for tgt 16225 and then 15900 with stop loss 16650.   Option traders keep watch on banknifty 16500 put options for big rally on breakdown.

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Pramod Baviskar

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