Banknifty daily chart analysis
Bank nifty spot last closed at 10263. On daily chart, bank nifty trend is down but momentum is building on buying side and so we seen sharp recovery from bottom of 9900. For next week, bank nifty major support zones are 10,140 and then 9920 while on upside 10,380 and 10,600 are strong resistance levels.
From short-term view, bank nifty below 10,800 will remain in downtrend so stay cautious on long trades as it is against the trend. Major indicators are on daily chart are in bearish zones but forming recovery bullish pattern so expect recovery to continue in next week and bank nifty may show higher levels.
Banknifty weekly chart analysis
Bank nifty spot this week closed with gains. This week bank nifty low was at 9944 while high was at 10,321. Total almost 400 points range I this week and strong recovery on short covering and profit booking from short sellers. Though bank nifty trend is still down only momentum is building on buying side and showing bounce back.
On weekly chart, bank nifty support zones are 9940 and then 9420 while on upside 10,480 and then 10,950 are strong resistances. On weekly chart, bank nifty indicators are with bearish divergences.
Any weekly closing above 10,500 means trend reversal on bull’s side.