Banknifty future daily chart technical analysis
Banknifty future of December expiry last closed at 2971 with huge loss. Before that we saw high of 27425 in this week and banknifty almost hit my given bullish target of 27650. Then we saw almost 600 points last day profit booking move and banknifty almost tested 26700 levels. On downside 26700 and then 26300 are major support zones for banknifty futures. Above this level expect bullish trend to hold and banknifty will resume towards 27650 and then possibly 28300 levels.
This week banknifty 26700 call options rallied from 375 to 749 gained by 374 rupees or minted 100% returns and then 27400 put options on last sessions given rally from 185 to 528 rupees means 343 rupees or 185% gains in very short time. For next week watch banknifty 26700 call options if banknifty holds that support.
Banknifty future weekly chart technical analysis
Banknifty future on weekly chart showing flat gains for the week. Second weekly gain for banknifty futures. This week’s bar is almost 600 points long and closed near open. 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 26700 then 26300 and 25900 are strong support areas. If this upside continues then expect 28600 to 31500 levels in medium terms.
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