banknifty weekly chart analysis for next week 19 to 23 sep 2016

BANKNIFTY - OHLC Six Months_1w 2016-09-16 165902 Banknifty future this week closed with loss at 19969. This week banknifty future hit high 20317 while week low was at 19760. Total 550 points plus weekly move and first negative weekly closing after last weeks strong buying spree.   This week banknifty future tried to test its 6 weeks average level of 19720. Below it next major support is 19085 which banknifty 13 weeks average level. Banknifty future weekly chart price trend and momentum still strong bullish, though indicators and oscillators are in overbought areas with bearish divergences. But they are in overbought positions since breakout at 17400 so it is Bull Run and expect party might continue ahead on strong inflows.   For next week, banknifty future outlook is bullish and strategy will be buy on dips. Above 19350 banknifty major dips should be brought for targets 20400 and then 20900. Banknifty almost hit 20400 target. On Friday also we saw high of 20341!   Future traders above 19350 keep buy on dips view and keep medium term targets at 20400 and then 20900 if sustain above it.   Option traders use banknifty 20,000 call options as buy on dips for big targets till September expiry.   For genuine banknifty future tips and option tips on whatsapp visit our subscription page.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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