Banknifty future daily chart analysis
Banknifty future of February expiry last closed at 26840 with loss. In this week banknifty future was up for 2 days and down for 3 day. We saw banknifty future hit profit booking around 27600 and recorded low near 26700 means almost 900 points drop. On daily chart, banknifty future is in downtrend and below 27150 will remain weak and sell on rise. On downside 26500 and then 25800 are support zones as well as target levels for this downtrend. We already saw low of 26721 in this week. Expect reversal on trend above 27150 only.
This week banknifty 27200 put options rallied from 239 to 600 gained by 361 rupees or minted 151% returns for next week watch banknifty 26500 put options of March expiry will remain buy on dips with stop loss.
Now let’s we will see
Banknifty future weekly chart analysis
Banknifty future on weekly chart showing loss for the week. First weekly loss for banknifty futures. This week’s bar is almost 700 points long and closed near lows. On weekly chart banknifty above 26500 will remain bullish for 2019 and on upside 29300 and then 31200 are bullish target zones if this support holds. But current weekly price pattern suggesting prices are trending towards 26500 support and might eventually break them as weekly chart indicators and oscillators are overbought and now with sell signals.
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