banknifty weekly technical analysis for 21 to 25 march 2016
Banknifty future this week closed with gain. After last week’s correction and consolidation, banknifty resumed uptrend and closed at high. Weekly chart price trend is down but momentum is on recovery side. On upside 15850 and then 16550 are strong resistances and on downside 15310 is major support. Above it keep long view. Below 15310, expect sharp profit booking as well as fresh shorts up to 14500 levels.traders keep wait and watch strategy or hold long with strict trailing stop loss. Option traders book profit in call options and use far month put to buy and accumulate on decline.