banknifty weekly technical analysis 16 to 20 may 2016

banknifty weekly technical analysis 16 to 20 may 2016 Banknifty future this week closed at 16743. On weekly chart, banknifty index price trend is bullish but momentum is long out as profit booking is seen on higher levels.   For next week, watch banknifty major support 16480. If slips below this level then expect downcycle for this index future with price tgts 15900 and 14900.Above it consolidation might continue.   For 2016, banknifty future below 17400 remain sell. But as we saw strong recovery from lower levels and 2016 lower tgts of 15500 and 13800 are already achieved by banknifty.   Breakout above 17400 means upside tgts up to 18900 to 20800 till dec 2016.

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Pramod Baviskar

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