Banknifty future daily chart technical analysis
Banknifty future of December expiry last closed at 26914 with gain. On daily chart, banknifty future is in uptrend and trading above all short term averages but with overbought indicators and oscillators. Banknifty future for this month will remain bullish above 26300 support zone. On upside 27650 and then 28300 are resistance zones as well as bullish target levels. But traders must keep in mind that, futures are trading in overbought positions so keep strict stoploss for long positions. For me, it will look like banknifty might correct towards 26300 and then will decide next major move.
For option traders, above 26300, banknifty 27600 call options of January expiry will remain buy on dips. But if slips below 26300 on weekly closing basis then exit call options and follow buy on dips view in banknifty 26300 put options for this series.
Banknifty future weekly chart technical analysis
Banknifty future on weekly chart showing big gains for the week. In last 5 weeks banknifty future given 4 positive and 1 negative weekly closing. Suggesting bullish overview with underlying buying in banknifty index. On weekly chart, banknifty future is trading above all the major averages and heading higher. On weekly chat, banknifty indicators and oscillators are strong bullish and suggesting upside for this index future in medium terms.
Banknifty future after correction now bouncing back towards 28400 zone. On upside 28600 and then 31500 are my investment targets for this index and out of which we saw 28400 in August 2018. On downside 25800 is major support on weekly chart and below it expect correction continuation and lower levels up to 23300.
Banknifty future monthly chart technical analysis
Banknifty future in month of November, rallied from low of 25200 to almost 27000+. Means 1800 points rally and strong monthly closing. Banknifty future from October lows rallied by almost 2700 points. On upside 28300 is top resistance of September highs.
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