MTECHTIPS:INTRADAY TRADING ANALYSIS FOR BANKNIFTY

MTECHTIPS

Mtechtips BANKNIFTY FUT  intraday trading analysis 29-10-2012

Bank nifty spot on friday given closed at 11509 with loss of 106 points or almost 1%.on friday banknifty spot hit low of 11468 while high was 11631.once again here also with nifty range bound moves or consolidation seen. for monday banknifty intraday support levels are 11470 and 11300 while on upside intraday resistance levels are 11645 and 11820.trend is still bullish on intraday chart but momentum is weak. weak financial results from major/minor banks with rising NPA level may put pressure on banking index as investors booking profits.if banknifty opens positive on monday then go long with stoploss just below 11460 and expect 11645 level as first intraday target level. next major moves happens if 11650 is taken on closing with big volume.

Bank nifty future
if opens gap up or positive then buy for target of 11645
with stoploss below 11460 but open gap down below 11460
then expect downside upto 11300.

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