Banknifty future daily chart technical analysis
Banknifty future of December expiry last closed at 26862 with loss. Before that we saw low of 25706 in this week and banknifty almost hit my given bearish target of 25600. Then we saw almost 1300 points short covering rally and banknifty made high above 27000. In this week we saw 2 negative and 3 positive closing and banknifty back to previous high of 27065. On chart banknifty almost formed early double top pattern and if prices break from here then expect fresh low in banknifty future in medium terms. Here risk takers can go short with stop loss above 27065 and expect 26300 and 25600 target levels in upcoming weeks.
This week banknifty 26300 put options rallied from 353 to 782 gained by 399 rupees or minted 113% returns and then 25600 call options seen sharp short covering. This call option rallied from 511 to 1412 means 900 rupees gains or 176% rally on sharp short coverings. Next week watch 27000 put options with stoploss. Expect big downside move below 26300 levels only.
Banknifty future weekly chart technical analysis
Banknifty future on weekly chart showing gains for the week. First weekly gain for banknifty after last week’s profit booking. This week’s bar is almost 1300 points long and closed near high. On weekly chart banknifty now above major averages with bullish and overbought indicators so if fall comes from here then expect big downside for this index future. On weekly chart 27100 will remain major resistance and below it expect this as only bounce back. If gives breakout above 27100 then expect 28600 levels on upside, but till then 23300 level still open for long term correction target.
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