Banknifty daily chart technical analysis
Banknifty spot index on last trading session closed at 11,884 with huge gains. On daily chart, banknifty price trend and momentum both are strong bullish. Prices are trading way above major averages while indicators are in overbought zones.
For next week, banknifty support zones are 11,800 and then 11,620 while on upside 12,000 and 12,250 are resistance levels as well as target zones. As indicators are in overbought zones, correction is due ahead.
Long traders must keep trailing stop loss below 11,800 and keep targets at 12k and then possibly if momentum continue 12,250 in next week.
Banknifty weekly chart technical analysis
Banknifty spot index this week closed with huge gains. This week banknifty spot low was at 10,613 while high was 11,947. Total 1300+ points’ weekly range or more than 12% gains in this week, suggests fresh long-term breakout on chart with price and volume.
From medium to long-term view, banknifty spot now has support at 11,575 and then 11,050 while on upside expect strong resistances at 12,100 and 12,700. All these levels are important on weekly closing basis.
Weekly chart indicators are bullish and inching towards overbought zones.
For investors 11,550 is trailing stop loss and 12,100 and then 12,700 are target zones for banknifty.