banknifty weekly technical report for 3 to 7 oct 2016

BANKNIFTY - Candle Six Months_1w 2016-10-02 193901 Banknifty future this week closed at 19437 with gain. Banknifty future price trend is bearish but momentum is on recovery side. We saw recovery in banknifty future from low of 19042 in Sep series.   Banknifty price pattern suggesting banknifty will retrace towards resistance of 19670. Previous low of 19042 will act as immediate support a well as bottom level. Daily chart indicators are in oversold positions suggesting upside for banknifty future in next week.   Breakout above 19670 means trend change for this index future for targets 20295 and then 21275.but failure might result in downtrend continuation. In that scenario banknifty might hit fresh lows around 18700 and 18100.   Banknifty weekly future tips is to buy it around 19150-19200 with stoploss below 19000 for target 19670.   Banknifty weekly option tips is buy banknifty 19400 call option on decline with stoploss.

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Pramod Baviskar

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