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MTECHTIPS BANKNIFTY FUT intraday trading analysis 11-09-2015

MTECHTIPS BANKNIFTY FUT intraday trading analysis 11-09-2015

MTECHTIPS Banknifty Sep future today closed at 16413 with gain of 590 points. In intraday banknifty hit high around 16490 while low was at 15833. Total 700 points intraday range and strong closing on sharp short covering in banking stocks. 8% drop in open interest shows strong short covering. Banknifty 17000 call option writing is seen in intraday. For tomorrow banknifty spot has support at 16230 and then 15950 while on upside 16580 and 16880 are strong resistances. For swing traders 16150 is trailing stop loss for long positions.

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