Banknifty forecast for week 21-25 April
Banknifty daily chart technical analysis
Bank nifty spot index on last trading session closed at 12,787 with gain. On daily chart banknifty, price trend and momentum both are bullish and after correction index once again resumed primary trend. From short-term view, banknifty support zones are 12,700 and 12,200 while on upside 13,300 and 13,875 are strong resistances. 11,600 is major average level and above it, short term trading will remain buy on dips.
For next week, traders above 12,700 keep long view and expect targets of 13,300 and then possibly 13,800.
Banknifty weekly chart technical analysis
Bank nifty spot index this week closed in red. This week banknifty spot high was at 12,831 while low was at 12,514. Total 300 points or 2.5% weekly swing and closed with loss with “hanging man” like candlestick pattern.
From medium to long-term view, banknifty above 11,200 will remain buy on dips. On downside, 11,200 and 8970 are strong support zones while on upside 13,450 and 15,690 are strong resistance levels as well as targets if trend continues. This week closing and candlestick pattern signal bearish outlook but as indicators are still with bullish divergences, investors must keep long view and follow buy on dips strategy here.