Banknifty Future Daily Chart Technical Analysis
Banknifty future of November expiry on Monday closed at 25585 with loss. On daily chart banknifty future price trend is bullish and momentum is building on long side. Banknifty future 5 days average is around 25665 which will be now act as a resistance. On upside 25875 and 26130 are 50 and 100 days average levels and strong hurdles as well as target zones banknifty future on reversal. Above 26100 expect medium term reversal from correction to bullish. Banknifty future hit November swing target of 25850 and now in correction and consolidation phase before next major move.
Banknifty daily chart stochastic is bullish but in overbought zones so expect correction and consolidation ahead. Banknifty daily chart MACD is above zero with bullish divergence suggesting bullish moves.
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 watch for 26650 target zone on fresh reversal and breakout above 25850. Banknifty 25900 call options November expiry last week rallied from 291 to 388 means given almost 34% 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 losses for this week due to big fall on first day of week. In last truncated week banknifty future rallied from 25573 to almost 25939 means almost 350 points bottom to top rally. On weekly chart, banknifty future is in recovery mode and trading around 5 week’s average and given negative move below 20 weeks average and 50 weeks average suggesting strong supply from market around those levels.
On upside 25700 is 50 weeks average strong hurdle and above it 26000 is 20 weeks average level and next resistance. 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 urns 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 recovery signals.
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