Banknifty forecast 16 to 20 June 2014
Banknifty daily chart technical analysis
Banknifty spot on last trading session closed at 15,106 with heavy loss. On daily chart, Banknifty is trading below its week average and heading towards month and 3 month averages. Banknifty had clearly formed top at 15,725. On downside, bank nifty has support at 14,950, which is its 1-month average, and below it 13,800 is 3-month average level and last short-term support. On upside 15,500 and 15,725 will remain as strong resistances. Daily chart indicators patterns are corrective one suggesting banknifty might test supports in next week. Option traders can play upcoming move with banknifty 15500 put options.
Banknifty weekly chart technical analysis
Banknifty spot this week closed with loss. This week banknifty hit high at 15,725 while low was at 15,083. Total 650 points weekly range or 4% volatility and closed with loss. Banknifty weekly chart price trend and momentum both are bullish. From medium to long-term view, banknifty has supports around 14,250 and then 11,800 while on upside 15,725 and 16,660 will remain as strong resistances as well as targets on reversal. Weekly chart indicators pattern suggesting correction ahead so investors must start booking profits.