bank nifty future weekly technical analysis for 7 to 11 march 2016
Bank nifty future this week closed with smart gains. This week low was near 13400 and high was above 15400. Total 2000 points rally in value buying and sharp short squeeze. Banknifty future weekly trend is still down but momentum is strong bullish and will continue in upcoming weeks. My given target 15300 is achieved now next target is at 16550. Which can be expected in next 1 to 4 weeks’ timeframe. On downside 15300 and then 15k are strong support levels. From long term view, banknifty trend change happen above 17350 on monthly closing basis. If happens then expect 18950 and the 20800 as target till end of 2016. Until then it is just a bounce back move.
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