BANKNIFTY weekly forecast 24-28 Feb. 2014

BANKNIFTY daily chart technical analysis for 24 to 28 February 2014

BANKNIFTY spot on last trading session closed at 10,554 with gain. On daily chart, BANKNIFTY price trend is still down as it is trading below its 3 month average while momentum is clearly on buying side so we seen sharp recovery from bottom of 9950. BANKNIFTY daily chart indicators are with strong bullish recovery pattern and suggesting bullish breakout is coming in next week.

For next week, BANKNIFTY support zones are 10,270 and then 10,050 while on upside 10,710 and then 10,910 are strong resistance. Any daily closing above 10,710 means short-term trend change for BANKNIFTY.

Traders must follow indicators direction and above 10,200 keep buy on dips view for upside targets. This reversal move has its target at 11,135. Therefore, option traders can buy 11,100 call options with strict stop loss to encash this momentum.

BANKNIFTY weekly chart technical analysis for 24 to 28 February 2014

BANKNIFTY spot this week closed with gain. This week BANKNIFTY low was at 10,205 while high was at 10,630. Total 400 points or 4% weekly range and closed with gains and bullish breakout on weekly chart.

From medium to long-term view, BANKNIFTY above 10,450 on weekly closing basis remain bullish. On upside 11,000 and then 11,500 are major resistances as well as targets for upcoming weeks. While on downside, 10,450 and then 9930 are weekly closing basis support zones.

Investors as well as swing traders above 10,450 keep buy on dips view and keep targets at 11k and then 11.5k.

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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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