Banknifty future this week closed at 24248 with loss. This was third losing week for this banking future. This week banknifty future hit low of 24003 while high was 24580. Total 580 points’ weekly range and negative closing for the week on continues profit booking.
Banknifty weekly chart, Prices are now just below 5 weeks average of 24300 and of the lows suggesting recovery ahead. On downside 23820 is banknifty 20 weeks average support and below that 22220 is 50 weeks average level. Weekly chart RSI is at 60 and with bearish divergence while MACD is at 727 and with bearish crossover.
Banknifty future for October opened weak and hit low near 24000 while on downside 23500.below 24300 banknifty is weak but current recovery is heading for trend reversal and bullish breakout.
Banknifty future traders watch 24300 breakout and then follow buy on dips view in banknifty future with stop loss for swing targets 24950 and then 25775.
Banknifty option traders watch 24300 level for breakout and after breakout follow buy and accumulate view in banknifty 24000 call options of this expiry or banknifty 24500 call options of next expiry with strict stop loss for big gains in next week. We already saw huge rally Banknifty 24000 call options this week rallied from low of 339 to high of 447 rupees.
Banknifty future from investment view hit 2017 target of 21400 and 24600 and then hit fresh high of 25260 in month of august. Now after correction showing signs for continuation and above 24600 will enter long term super bullish trend for big upside targets.