Banknifty future daily chart technical analysis
Banknifty future of December expiry last closed at 26726 with huge gains. Before that we saw low of 26235 in this week and banknifty successfully tested support of 26300 from the top of 27065. So we saw almost 800points drop from top and then almost 500 points recovery on Friday!! Now banknifty back above 26300 support and heading higher towards 27650 target zone. But indicators and oscillators signaling bearishness so long traders must keep tight stoploss. Above 26300 expect bullish trend for this month with banknifty price targets around 27650 and then possibly 28400. But below 26300 expect panic and sell off!!
This week banknifty 26700 put options rallied from 380 to 713 minted 88% returns and then call option seen sharp short covering on Friday. For next week watch December expiry 26500 call & 26700 put options for buying on situation of the market.
Banknifty future weekly chart technical analysis
Banknifty future on weekly chart showing loss for the week. First weekly loss on profit booking after last week’s big move. This week we saw almost 800 points big range and some recovery from the lows. On weekly chart banknifty relatively looks stronger and still above major weekly averages. If banknifty holds this trend then expect rally to continue ahead towards 28600 in medium terms. Failure result in continuation of correction phase towards 23300. Banknifty weekly chart indicators and oscillators are relatively bullish than nifty and suggesting upside for prices in medium terms.
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