MTECHTIPS BANKNIFTY FUT intraday trading analysis 11-05-2016

MTECHTIPS BANKNIFTY FUT intraday trading analysis 11-05-2016
MTECHTIPS Banknifty future today closed at 16867 with gain of almost 100 points. In intraday we saw 100 points dip and then short covering rally. On upside 17030 is intraday resistance level and short entry point for tomorrow. On downside 16775 and then 16520 are support as well as short sell tgts. Traders can use banknifty 17000 put options to buy and accumulate on decline for intraday gains. Banknifty below 16500 will turn bearish for tgts 15900 and 14900.
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