BANKNIFTY daily chart technical analysis
BANKNIFTY spot index on last trading session closed at 12,092 with gain. On daily chart, index price trend and momentum both are strong bullish and trading at fresh highs. For next week, BANKNIFTY support zones are 11,880 and then 11,650 while on upside 12,300 and 12,550 are strong resistances as well as targets if trend continues.
Major average support is at 11k and above it, BANKNIFTY short-term bullish trend will remain intact. Daily chart indicators pattern are mixed but traders above 11,880 on daily closing basis keep long view for this index and expect higher targets in next week.
BANKNIFTY weekly chart technical analysis
BANKNIFTY spot index this week closed flat. This week banknifty hit high at 12,268 while low was at 11,989. Total almost 300 points or 2.5% weekly swing and closed flat as profit booking hit the market.
On weekly chart, BANKNIFTY support zones are 11,700 and then 11,150 while on upside 12,250 and 12,800 are strong resistances. This week banknifty tried to get above its resistance but failed. Weekly chart indicators patterns are still bullish and suggesting upside for this index in medium to long terms.
Weekly chart major average support is at 10,700 and above it on weekly closing basis banknifty trend will remain bullish from medium to long-term view.
For banknifty in 2014, targets are 12,900 and then 14,500 and 10,650 was breakout level.