Banknifty weekly tips for 14 to 18 April 2014
Banknifty daily chart technical analysis
Bank nifty spot on last trading session closed at 12840 with gain. On daily chart, bank nifty is trading above all short-term averages with mixed indicators patterns. For next week, bank nifty spot support zones are 12,640 and below it 12,400 while on upside 12,950 and 13,300 are resistances.
Traders above 12,640 keep long view as momentum is strong and liquidity is higher. Daily chart indicators are still in overbought zones so keep strict stop losses for long positions.
Banknifty weekly chart technical analysis
Bank nifty spot this week closed with gain. This week bank nifty spot hit low at 12,439 while high was at 13,055. Total 600 points or 3% weekly swing and closed with gain. Weekly chart bank nifty price trend and momentum both are bullish.
From medium to long-term view, bank nifty support zones are 12,800 and 12,250 while upside resistances at 13,370 and 13,950 are resistances. Weekly chart indicators are still bullish but near overbought zones.
Investors above 12,800 on weekly closing basis keep long view for bank nifty and expect target around 13,400-13,500 in upcoming weeks.