banknifty daily chart technical analysis
Bank nifty spot on Friday closed at 17549 with loss of almost 1%. This was fifth losing session for this index. Bank nifty daily chart price trend and momentum both are down. Banknifty is trading below major short term averages with bearish and oversold indicators and oscillators. Bank nifty 1 month average is 18250 and above it 18450 is 3 month average and will remain strong resistances for next week. On downside 17500 and 17000 are strong psychological support zones.
For next week, banknifty traders below 17750 keep sell on rise view for banknifty for target 17200 and then possibly 16800 on margin call. Daily closing above 17750 means reversal signal or buy signal with stop loss 17400 for price target 18250 to 18450. As daily chart indicators are oversold keep strict stop loss for all short positions.
banknifty weekly chart technical analysis
Bank nifty spot this week closed with huge loss. This week banknifty hit high at 18832 while low was at 17469. Total 1400 points weekly range or more than 7% weekly volatility for this index with sharp losses. Banknifty index weekly chart price trend and momentum both bearish.
All weekly major averages are in 18300 to 18550 zones so that will remain major supply zone from medium term view. On downside 17000 and 16400 are strong historical support levels and possible target in current scenario.
Banknifty is heading toward medium to long term target of 16600 and now 17800 is trailing stop loss for swing traders.