Banknifty daily chart technical analysis
Banknifty spot on last trading session closed in red at 13034. On daily chart, index price trend and momentum both are bullish. Banknifty is still near highs but with corrective signal patterns. From short-term view, banknifty major support now at 11,700 and in panic sell off this will be target zone. While in between 12,850 and 12,300 are supports while on upside 13,450 and then 14,000 are strong resistances as well as targets if trend continues.
On indicators, MACD is above zero with bullish divergence. RSI is 65 and heading towards 50 with bearish divergence and CCI is +118 and heading towards +100.
Investors here above 11,700 use major correction to accumulate longs and expect targets of 14k after election. While medium term traders can stay short with stop loss above recent top.
Banknifty weekly chart technical analysis
Banknifty spot this week closed with gain. This week banknifty hit high at 13,268 while low was at 12,838. Total 400 points or 3% weekly volatility and closed with gain. From medium to long-term view, banknifty now has supports at 11,300 and then 9020. While on upside 13,500 and 15,800 are strong resistances as well as long-term targets if rally continues. Investors above 11,300 keep buy and accumulate strategy for targets 13,500 and above.
On indicators, MACD is above zero with bullish divergence. RSI is at 72 and with bullish divergence and CCI is +90 and heading towards +200.