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Mtechtips BANKNIFTY FUT intraday trading analysis 30-8-2012
Banknifty spot today closed at 10,011 with loss of 48 points or –0.47%.yesterday we suggested long side for target of 10240 and bank nifty today opened in green with gap up but as nifty slips, banknifty also turned red but as already in oversold condition on intraday much fall is not seen as compared to nifty.
on above point and figure chart we clearly see banknifty consolidated near 10,050 but in last session lower breakdown seen.
for tomorrow,intraday supports are 9875 and 9720 while intraday resistances are 10,030 and 10,185.indicators are oversold but momentum is very bearish.
“if banknifty spot opens above 10,030
spot stay long with stoploss
while if opens in red then go short for target
9975 with stoploss above 10,030 spot”
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