Banknifty future daily chart technical analysis
Banknifty future of December expiry last closed at 27290 with gain. On daily chart, banknifty future is in uptrend and trading above all short term averages but with bearish signals on indicators and oscillators. Banknifty future for this month will remain bullish above 26800 support zone. On upside 27850 and then 28500 are resistance zones as well as bullish target levels if this trend persists. But after looking at indicators pattern we might see retracement towards 26800 and then next big move. If banknifty breaks below 26800 then go short in January series and expect 26200 and then 25100 levels as target zones.
This week, banknifty 26500 call options rallied from 562 to 1055 rupees on sharp short covering. For next week, watch 26800 put options if banknifty breaks below this level. If not then expect 26800 call options short covering to continue.
Banknifty future weekly chart technical analysis
Banknifty future on weekly chart showing gains for the week. This was third weekly gains for banknifty future. In these weeks we saw recovery from 25700 to highs of 27400+. On weekly chart banknifty future price trend and momentum both are bullish but indicators are overbought positions so expect correction ahead.
For 2019, banknifty future major support level if 26400. Above it expect bullish trend to continue and upside levels of 29000 and then 31150 in 2019. But if banknifty breaks below 26400 and sustain then expect long term downtrend and levels of 24300 to 21500 in year 2019.
Banknifty future monthly chart technical analysis
Banknifty future in month of December, showing gains. This was second gaining month for banknifty future. After making low of 24300 in October 2018, banknifty given smart recovery towards 27500 levels but failed to cross it. This month we saw low of 25700 and high around 27425 means 1800 points range and positive closing for the month.
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