Banknifty future chart technical analysis
Banknifty future of December expiry last closed at 26273 with gain on smart recovery and short coverings. Before that we saw low of 25706 in this session while my bearish target was around 25600 which is almost hit from 26300 breakdown levels. Now expect some consolidation before next move. Below 25600 next major support as well as bearish target will be 24300. If sustain above 26300 then expect sharp reversal and big short covering rallies ahead.
Banknifty 25600 put options in last 2 session rallied from 120 low to 252 high today. Means 132 rupee gains or 110% gains for this put option buyers. Below 26300, banknifty 26300 put options will remain buy on dips with stoploss for big gains.
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