banknifty weekly report for 13 to 17 june 2016

banknifty weekly report for 13 to 17 june 2016 Banknifty future this week closed with gain. This was third gaining week for this index future. In these 3 weeks banknifty future rallied from low of 16380 to high of almost 18050.   Banknifty weekly chart price trend and momentum both are bullish and indicators are in overbought zones on heavy demand scenario. For next week, banknifty future outlook is bullish and strategy remains buy on dips at support.   On downside banknifty future will have support at 17400 and 17170 while on upside 17925 and then 18100 are resistances as well as target zones on reversal.   Future traders can buy banknifty future on correction near support for best risk reward ratio for targets 17925 and 18100. Above 18100 expect sharp short covering bout for target 18550. Option traders use banknifty 17500 call options as buy on dips.

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Pramod Baviskar

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