BANKNIFTY daily chart technical analysis
BANKNIFTY spot index on last trading session closed at 12,055 with gain. On daily chart, index trend and momentum both are strong bullish. Banknifty is trending in its own bull market. For next week, 12,300 and then 12,550 are strong resistances as well as target zones. While on downside, 11,980 and 11,700 are support zones. Major average support for banknifty is at 11k and in any deep correction that will be target and support for prices. Daily chart indicators pattern are mixed but as prices holding supports, traders must keep long view and expect higher targets in next week.
BANKNIFTY weekly chart technical analysis
BANKNIFTY spot this week closed with gain. This week open was at 11,784 and closed at 12055. Weekly high point was 12,308 while low was at 11,784. Total 500 points weekly swing or 4% volatility and continuation of primary trend. In last 4 weeks period banknifty rallied from 10200 to 12,300, total 2100 points or 20% Bull Run in prices on buying and sharp short coverings.
On weekly chart, banknifty targets come at 12,200, which are achieved, and if close above it then 12,700 which can be expected in upcoming weeks. Weekly chart major average support is at 10,700 and on any deep correction that will be target as well as support for prices. Investors now trail there long positions stop losses at 11,600 to cap the profit.