BANKNIFTY outlook for 3-7 March 2014

BANKNIFTY outlook, weekly forecast, price analysis, technical analysis,charts and tips for 3 to 7 March 2014.

BANKNIFTY daily chart technical analysis

Banknifty spot index on last trading session closed at 10764 with loss. On daily chart, banknifty price trend and momentum is bullish and trading above major average.

Banknifty had given bullish breakout around 10,700 and now heading towards tops.

For next week, banknifty support zones will be 10,700 and below that 10,490 while on upside 10,950 and then 11,200 are strong resistances as well as target levels for next week.

Banknifty daily chart indicators pattern are bullish and suggesting rally will continue in next week. Traders must keep strict closing basis stop loss below 10,700 for long positions.

BANKNIFTY weekly chart technical analysis

Banknifty index this week closed with gains. This was second week of gains for this index and in these 2 weeks we seen rally from 10,200 to high of 10,800. This week banknifty spot low was at 10,471 while high was at 10,793. Total 300 points or 3% swing had seen and closed with gains on breakout. Weekly chart indicators pattern are mixed but suggesting recovery ahead.

From medium to long-term view, banknifty support zones are 10,460 and below that 9950. Above 10,450 on weekly closing basis, investors must keep long view for this index. On upside 11,000 and 11,550 are strong resistances as well as medium to long-term targets for banknifty.

The Author

Pramod Baviskar

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