BankNifty has seen worst sell-off in last 2 expirys compared to other indicies in the markets but that was obvious after it was the most outperforming for 2 years before these expires. After a free fall, now i expect a short covering the Banking Stocks and BankNifty index. Overall, you could notice in the adjoining weekly charts of Banknifty, the index has taken strong support at 100 Weekly average at 15760 which was also a gap created in last october. Now on the upside we, black monday gap could be filled up at 17850 which is coincinding with two more technical resistance level which means it is cemented resistance. Indicators too are in oversold zone and at lowest levels since 2008 which means a pull back cannot be ruled out. So overall we could be long on this index with short term target of 17800.
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