Bank Nifty Future may Bounce by 500 Points, Technical Analysis Applied

A bounce in Bank Nifty Future is likely as we have seen large cap banking stock moving above their important resistance level. In stock like State bank of India, ICICI Bank, Axis Bank, PNB, Bank of Baroda, HDFC Bank are looking ready for an up move of about 5 to 8% hence There will at least 500 points rally on bank nifty index, traders can buy bank nifty future around 9500 level for target of 10000 level in short term. While placing stop losses around 9300 level, even good result has surprised many analysts in market. RBI (reserve bank of India) has given a hint that it may start easing monetary policy to boost growth, inflation has come to the comfort zone now and we may see inflation further going low. So this is overall scenario banking sector will be beneficiary, hence take long positions on Bank Nifty Future, On charts bank nifty is giving a buying opportunity around 61.8% Fibonacci retracement level. Technical indicators like RSI, Slow stochastic suggests us of oversold outlook in bank nifty future. Buying in this index will come very soon; don’t miss this solid trading opportunity.