Bank nifty chart analysis for next week

Banknifty future outlook and trading strategy for next week 29 june to 3 july 2015

Banknifty spot on Friday closed at 18371 with loss of 121 points. On daily chart banknifty future price trend and momentum both are bullish but indicators are approaching overbought zones.
Bank nifty is trading above its 3 month average of 18230 and below it 18000 will be next support which is its 1 month average.
On daily chart, banknifty indicators are with bullish divergences but approaching overbought area so correction and consolidation is due ahead. On upside 1920 will be target if rally continues.
On weekly chart, banknifty closed with gains in this week. This was second positive weekly closing for this index. This week banknifty future made low at 17950 while high was at 18550. Total 600 points weekly range and closed with gain.
Future traders keep long with strict stop loss below 18200 spot. Daily closing below 18200 means medium term correction trend continuation and banknifty have chances to record new low in that scenario. In that case expect banknifty medium term targets around 16900-16800. Option traders below 18200 start accumulating 18000 put options for big gains.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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