October 25, 2016
BANKNIFTY (Nov Fut)
19850 - 19900
5 - 10 Sessions
After the fall from 20575.80 to 18824.40, the Nifty Bank index (spot) has seen decent up move in last few sessions. But,
the ongoing up move may halt at current levels as the banking index is hovering around its strong resistance of 61.80%
retracement levels of the mentioned fall. .
While on hourly chart, we are observing a formation of a Bearish Harmonic Pattern called ‘Bearish Alt Bat’, whose
potential Reversal Zone (PRZ) is placed at. 19868 - 19945 zone (as per spot levels).
Since, the ‘Super Trend’ indicator is also showing resistance on daily chart along with the above technical evidences; we
are expecting correction in near term.
Thus, we advise traders to sell BANKNIFTY November Futures from current level and on rise up to 19900 for a target of
19200 in coming 5 - 10 sessions. The stop loss for this trade set up can be kept at
Source: Falcon (Chart time - 09:45 IST)
Last 3 recommendations
16-09-2016 Nifty Sept Fut.
8870 - 8890
11-08-2016 Nifty Aug Fut.
8590 - 8570
Profit Booked at 8700
24-05-2016 Nifty June Fut.
7745 - 7725
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