BANKNIFTY weekly analysis 17-21 February 2014

BANKNIFTY weekly analysis report for 17 to 21 Feb. 2014

BANKNIFTY daily chart technical analysis

Bank nifty spot on last trading session closed at 10,203 with gain. On daily chart, bank-nifty index trend and momentum both are bearish. Short-term trend below 10,500 remain weak. For next week, bank-nifty major support zones are 9930 and then 9400. Out of which bank-nifty had taken support at 9930 and bouncing back. While on upside expect strong resistance from market at 10,500 and then 10,980. Bank-nifty daily chart indicators are still bearish. Below 10,500 short term traders keep short view or sell on rise view for bank-nifty future.

For next week, expect some bounce back and then bank-nifty might resume its downtrend and show sub 10k levels.

BANKNIFTY weekly chart technical analysis

Bank nifty spot this week closed with loss. Bank nifty weekly chart trend and momentum is also bearish. Below 10,750 on weekly closing basis, Bank nifty remains sell from medium to long-term view.

On downside expect technical support at 9600 and then 9100 while on upside 10,300 and then 10,750 will be strong resistances. Bank nifty weekly chart indicators are bearish but showing some recovery pattern so expect some technical as well as short covering rallies in upcoming weeks.

Swing traders and investors below 10,750 keep “stay away or stay short” view on Bank nifty future for downside targets.

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Pramod Baviskar

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