MTECHTIPS:INTRADAY TRADING ANALYSIS FOR BANKNIFTY

MTECHTIPS

Mtechtips BANKNIFTY FUT  intraday trading analysis 31-10-2012

Bank nifty spot today closed at 11203 with loss of 270 points or –2.35%.here after negative opening we seen highs of 11600 but that was “definite trap”and as RBI credit policy hit the road we seen sharp selling in banks and which is accentuate after NPA rising news.today’s losses major contributors are PSU bank stocks,they are hammered by 3-6% today. on intraday chart banknifty is in absolute downtrend and momentum also on short side.on downside intraday supports are 11085 and 11900 while on upside 11255 is now intraday resistance level. for tomorrow we expect consolidation and some technical bounce back in bank nifty future.option traders for intraday can buy bank nifty 11200 call option in dips only.

Below 11255 expect consolidation to bounce back.
if breaks 11,000 mark then exit from all longs
and book profits in banking stocks also.

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