Bank nifty Daily chart technical analysis
Bank nifty spot index on last trading session closed at 10,982 with loss. On daily chart banknifty trend and momentum both are down and expect it to continue as global factors triggered profit booking as well as panic in market. Bank nifty is trading below all its short-term averages. 11,000 to 11,100 is strong supply zone and below it, traders must keep short view here. On downside, 10800 and 10400 are support zones for next week as well as target levels for next week. Major indicators are with bearish signal but still in bull zone. for next watch traders can buy bank nifty 11,200 put options on decline with strict stop loss.
Bank nifty weekly chart technical analysis
Banknifty spot this week closed with gain but lost most of the gains in last trading sessions. This was second positive closing on weekly chart and look like technical bounce back is over and now time to resume primary trend, which is down. on banknifty weekly chart 11,000-11,100 is major resistance zone as all major medium to long term averages are in that zone. On downside, 10,500 and 9,800 are strong supports and medium target for bank nifty. Indicators are in bull zone but with bearish patterns.