Bank nifty Future Hurdle 16700 / Major Supports 16300
After breakout from horizontal trading range in bank index the bank nifty futures made its life time high’s in past week. The high made on future is 16632 and the weekly close was at 16483+. Now going forward for monday trading session the Hurdle for banknifty is at 16700 fresh buying will happen once this level sustains and since there is no resistance left for market its all a bulls play the trend will continue.
However on downside below 16470 market will correct for 16400-16300 below which only bear’s will start entry for 16150-16000
Trading Stratgey : Be short below 16470 with stops 16650 tgt 16300-16250 take small risk around 16250 and below, take calls with stops of 16150 for upside targets new high.