MTECHTIPS BANKNIFTY FUT intraday trading analysis 07-06-2016

MTECHTIPS BANKNIFTY FUT intraday trading analysis 07-06-2016
MTECHTIPS Banknifty future today closed at 17675 flat. On daily chart, banknifty price trend and momentum both are bullish but indicators are overbought ad coming off with every upside so expect more downside for index in short terms. For tomorrow, banknifty future outlook remain bearish and intraday trading strategy will be sell on rise. For intraday, banknifty resistance levels are 17780 and 17850 while on downside expect support at 17565 and then 17300. Future traders can use 17780 to 17850 zone to go short with stop loss for targets 17600 to 17565. Option traders use banknifty 17500 put options as buy on dips.
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