BANKNIFTY daily chart technical analysis
BANKNIFTY spot index on last trading session closed at 10,238 with gain. On daily chart, bank-nifty trend and momentum both are very bearish. Strong downside breakout was seen at 10900 with price and volume and on downside, we see lower levels up to 10,101. For next week, bank-nifty support levels are 10,200 and then 9,900 while on upside 10,430 and then 10,650 are strong resistance levels. Below 10,900 overall short terms trend remain bearish for bank-nifty. Traders for next week can buy 10,500 put options on decline and with strict stop loss. Any closing below 9,900 may open lower target of 9,000 for bank-nifty index.
BANKNIFTY weekly chart technical analysis
BANKNIFTY spot index this week closed with heavy loss. This week BANKNIFTY high was at 10,800 while low was at 10, 100, So 700 points or almost 7% downside in week. BANKNIFTY has given bearish breakout on weekly chart with price action and strong volume. For month of Feb. BANKNIFTY, support zones will be 9,900 and then 9400. Medium to long-term trend of BANKNIFTY is bearish now and expect lower bottom cycle from here. Indicators are with bearish signal but in oversold zones so expect intermittent short covering bouts and then downside moves. For Feb. Traders below 10,500 keep short view on BANKNIFTY future or buy “in the money “put options on declines with strict stop loss above 10,500.