MTECHTIPS BANKNIFTY FUT intraday trading analysis 06-05-2016

MTECHTIPS BANKNIFTY FUT intraday trading analysis 06-05-2016
WEEKLY:- Banknifty future last closed at 16872 with gain. For month of May 2016, banknifty future major support zone is 16480. Below it expect downcycle for this index future. In that scenario, banknifty future targets will be 15870 and 14870. On upside 17500 and 18100 are resistances as well as target zones if banknifty respects 16480 support level. Traders must keep wait and watch strategy for now. While risky traders can go short with stop loss above 17200. Weekly closing below 16480 will confirm breakdown for banknifty. Option traders can use next month 15k put option contract for accumulation.
DAILY :- Banknifty future on 5th may 2016 closed at 16396 with gain. Today we saw banknifty faced strong resistance at 16450 and given reversal from that level.For tomorrow 6th may 2016, banknifty future intraday support zones are 16300 and 16100 while on upside 16450 and 16700 are resistances.Above 16450 trader can go long in banknifty future for tgts 16600 to 16700.Above 16450, buy banknifty 16500 call option for intraday with stop loss.

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