Buy Bank Nifty November Future at Rs 26195 | Stop loss of Rs 25950 | Target Rs 26700
1) Long build up in the Bank Nifty Futures’ where we have seen rise in open Interest with Bank Nifty rising by 0.87%.
2) Bank Nifty has given breakout on the daily charts by closing above the 200-day simple moving average to close at two month high.
3) It has confirmed the higher top higher bottom formation on the daily charts.
4) Momentum Indicators and Oscillators are also Indicating strength in the Bank Nifty for the short to medium term.
The author is senior technical and derivatives analyst at HDFC Securities. Views expressed are his own