PowerTrades

BankNifty Technicals- Next Move

NSE_EOD:BANKNIFTY   NIFTY BANK
#banknifty #technical Whats Next???--- BankNifty             futures have broken past the crucial support zones. Now any pull backs to 17380-17420 will be challenged. On the downside a break below 17200 can lead to fall to 17065-50 zones where we may expect support to come in from both technical and psychological basis. On the upside bullish trend will only resume if 17450 is cleared. For someone looking for long side trades it can offer some scalping opportunities to test the resistance zones.
Trade active: Banknifty cracked massively below 17200 levels and did go to the target zones and even below. but eventually managed a close above the levels of 17065.

BankNifty Analysis for 6-Nov-2015: beyond 17040 levels downside next tgt couldt be 16900 that is a prev retracement. on the upside first close above 17180 is needed, a close above 17340 is a potential reversal in trend
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