Banknifty future & options technical analysis for 19 to 23 November 2018.
Banknifty future daily chart technical analysis
Banknifty future of November expiry on Friday closed at 26256 with gain. On daily chart banknifty future price trend and momentum both are strong bullish. Banknifty future now trading above 5, 50 and 100 days averages. On chart 26125 is 100 average and immediate support level. Below it 26000 and 25900 are 50 and 5 days averages support levels. Now banknifty future above 26100 expect medium term reversal from correction to bullish trend. Banknifty future hit November swing target of 25850 and now hit 26333 high this week and my given TGT was 26650.
Banknifty daily chart stochastics is bullish & overbought zones but with fresh bullish move signals. Banknifty daily chart MACD is above zero with bullish divergence suggesting bullish momentum.
For month of November, banknifty future above 25050 will remain buy on dips and on upside technical target zones will be around 25850 and then 26650. Out of which 25850 is done, now banknifty future is heading towards 26650 target zone with high of 26333 in this week. Banknifty 26100 call options November expiry this week rallied from 115 to 442 means given almost 284% returns for buyers. For next week banknifty 26100 call options November expiry will remain buy on dips for big upside targets!!
Banknifty future weekly chart technical analysis
Banknifty future on weekly chart showing huge gain for this week with fresh breakout rally. In last 3 weeks banknifty future rallied from 24500 to almost 26300+ means almost 1800+ points bottom to top rally. On weekly chart, banknifty future now given breakout above major averages and trading above them. On downside 20 week’s average is around 26080 and below it 25700 is 5 & 50 weeks average support zone. On chart look like banknifty bottomed out around 24400 and now bouncing back towards previous high of 28400!!
From medium to long term view, banknifty future above 23250 remain buy and accumulate and on upside targets were 28600 and then 31500. Out of which banknifty almost done 28600 with high around 28400 and now after that given deeper correction towards supports. If this bounce back turns into long term trend continuation then expect 31500 on upside. If not then expect 23350 when bounce back is over.
Banknifty future weekly chart, stochastics indicator is oversold with buy signal suggesting buy and accumulate strategy. Weekly chart MACD is below zero but with bottomed out and with strong recovery momentum.
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