Banknifty future daily chart analysis
Banknifty future of March expiry last closed at 29502 with gain. In this week banknifty future was up for 4 days and down for 1 day. We saw strong sharp covering plus run away rally in banknifty future from 26800 bottom and now hit high above 29500. Banknifty future in March series above 27100 were bullish and buy and accumulate for targets 27500 and then 28050 and banknifty hit both the targets and then hit super bullish targets of 28500 and then 29k and now trading above 29k with strong short covering actions. 29300 was my 2019 investment target which got achieved and now above it next investment target zone will be 31200 and nifty might show that in March series.
This week banknifty 27100 call options rallied from 488 to 2495 gained by 2007 rupees or minted 411% returns. For next week watch banknifty 30 and 30500 call options of March expiry will remain buy on dips with stop loss below 29300 levels.
Banknifty future weekly chart analysis
Banknifty future on weekly chart showing gains for the week. Forth weekly gains for banknifty futures. This week’s banknifty future rallied from low of 27891 to high of 29658 means almost 1767 points rally and strong closing for this banking index.
From long term view, banknifty future above 26500 will remain buy and accumulate and on upside 29300 and then 31200 are my 2019 investment target zones and banknifty hit 29300 target and now watch for 31200 levels.
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