Mtechtips BANKNIFTY FUT intraday trading analysis 10-10-2012

MTECHTIPS

Mtechtips BANKNIFTY FUT  intraday trading analysis 10-10-2012

Banknifty today closed at 11446 with gains of 84 points or +0.74%.today banknifty spot hit high of 11528 while low was 11373.yesterday given short side stoploss 11480 is triggered with gap up opening.while intraday we seen heavy and wide swings in banknifty index. for tomorrow bank nifty spot intraday resistances are 11635 and 11810 while on downside supports are 11290 and 11120.on intraday chart trend and momentum both are down. buy side or long build up will be expected only above 11470 so buying should be down above this only with strict stoploss but as currently trading below that we suggest to go short.for bank nifty option traders oct expiry 11400 put will be better trading.

Follow sell on rise strategy for banknifty future
with stoploss above 11635 and expect 11300 to 11120
as target level in 1-2 sessions.

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