Banknifty forecast 9 to 13 June 2014
Banknifty daily chart technical analysis
Banknifty spot on last trading session closed at 15,543 with gain. On daily chart, banknifty is in absolute bull trend and closed near fresh high. For next week, banknifty outlooks is bullish but on cautious note. On downside 15,300 is first support of its week average and below it 14,750 is next support zone, which is its 1-month average. On upside 15,800 and 16,050 are resistances as well as target zones. Traders here stay long with strict stop loss below 15,300 for target 15,800 and then 16,050. Small traders can buy 15,600-call option on decline with strict stop loss in place.
Banknifty weekly chart technical analysis
Banknifty spot this week closed with strong gains. This week bank nifty hit low at 14,470 while high was at 15,576. Total 1150 points strong run from lows or 7.5% gains from lows and continuation of Bull Run. Bank nifty medium to long-term averages are way down on chart but bank nifty in between have supports around 14,700 and then 13,200. On upside 16,800 and 18,500 are strong resistances as well as target zones for long-term investors. 14,500 is trailing stop loss for investors and above it use major corrections for buying and accumulation.