Banknifty 2017-above 17330 remain bullish tgts 21250-24500

Bank nifty future 2017 yearly technical analysis

Bank nifty future 2017 yearly technical analysis

Bank nifty future this week closed at 18969 with gain at week high. This was third gaining week for banknifty future. In these 3 weeks we saw rally from low of 17600 to almost high of 19k.   For 2017, banknifty future major support zone if 17330. Above it on weekly closing basis, banknifty outlook for 2017 remain bullish and strategy remain invest on major dips. On upside 21250 is my first major technical target zone and on breakout above 21250 will set next target for banknifty at 24500. In 2016, we saw banknifty had taken bottom support at 17600.   If banknifty future falls and given weekly closing below 17330 with strong price action and on volumes then that will be exit signal for investors. Below 17330, banknifty will become bearish for 2017 and might show lows of 14k which is also its long term support zone. Below 14, my next technical long term support zone comes at 10100.

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