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MTECHTIPS BANKNIFTY FUT intrday trading analysis 23-02-2015

MTECHTIPS BANKNIFTY FUT intrday trading analysis 23-02-2015
MTECHTIPS Banknifty Spot On Last Trading Session Closed At 19073 With Loss. On Daily Chart, Banknifty Price Trend Is Bullish But Momentum Is Clearly Bearish And That Why Profit Booking Is Seen On Every Bounce Back. On Downside 18545 Is 3-Month Average Major Support And Target If Correction Continues. Top Of 19400 Will Remain As Strong Resistance And Stop Loss Must Be Above It For Short-Term Short Positions. Daily Chart Indicator Patterns Are Bearish And Suggesting Downside For Banknifty In Next Week.
Banknifty Spot This Week Closed With Loss. On Weekly Chart Price Pattern Is Clearly Suggesting Correction Phase For Banknifty With Downside Targets In Medium Terms. 18k Is 6-Month Average And 17k Is 12-Month Average Level. Weekly Chart Price As Well As Indicators Pattern Are Bearish.
For Next Week, 18860 Spots Is Most Important Support If Banknifty Gives Daily Closing Below It With Price And Volume Action Then Next Major Target Will Be 17200 In Short To Medium Terms. Futures Traders Keep Tight Closing Basis Stop Loss Of 19500 Spot. While Options Traders Can Buy And Accumulate In 19200 Or 19300 Put Options With Same Strict Stop Loss.

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