Banknifty daily chart analysis
Bank nifty spot on last trading session closed at 10,805 with loss. On daily chart bank-nifty is trading below all short-term average and heading lower with strong bearish momentum. On upside 10,980 is bank nifty week average and first strong resistance on chart. Above that 11,080 is bank nifty 3 month average level and major resistance. Below this down, cycle will continue for this index. On downside, 10,600-10,500 as support zones of previous swing lows.
On daily chart bank nifty indicators are bearish but CCI is at oversold zone so expect some technical bounce back and then trend may resume.
Banknifty weekly chart analysis
Bank nifty index this week closed with loss. This was second losing week for this index and now closed below its 2 years average zone. This week bank nifty spot high was at 11,175 while low was at 10,768. On weekly chart 10,900 to 11,100 is major medium to long-term average zone and if next week closing comes below this zone then it might be start of bear market for bank nifty. On downside 10,000-9,500 are support zones of previous swing lows. Below 11,100 these levels will remain as bank nifty medium term targets. If sentiment remains weak then these levels can be expected on chart in next 4-6 weeks period.