BANKNIFTY daily chart technical analysis
BANKNIFTY spot index on last trading session closed at 12,754 with gain. On daily chart, banknifty price trend and momentum both are strong bullish and index is trading at fresh high. In last week, 4 sessions were with gains while 1 session closed with loss.
For next week, banknifty spot support zones are 12,500 and 12,270 while on upside 12,900 and 13,150 are strong resistances. Daily chart indicators are bullish but in overbought zones so keep strict stop loss for all long positions.
Banknifty major average is now at 11,200 and above it, short-term trend will remain intact on bull’s side.
BANKNIFTY weekly chart technical analysis
BANKNIFTY spot index this week closed with gains. This will be almost 6th week of gains for this index and in these 6 weeks period rallied from 10,200 to now 12,800. Total 2600 points or 25% gains in very short terms.
On weekly chart, banknifty price trend and momentum both are strong bullish. On downside 12,300 and 11,800 are strong supports while on upside 12,900 and 13,400a re strong resistances. Weekly chart indicators are bullish and in overbought zones.
If banknifty gives monthly closing above 12,950 and sustain then we may see 14,500 as target in next 3-6 months period so watch for that breakout.