Hello Friend, welcome to another blog of Market Insighters.In this blog we will discusses Bank Nifty Technical analysis on Daily Weekly as well as Monthly chart .In this article we check support and resistance of Bank Nifty on various time frame, what is target for next few days with safe stop loss.
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Bank Nifty Technical Analysis On Daily Chart
Bank Nifty on daily timeframe taking support range 39300-39700 zone. This zone is no trading zone ,where buyers and seller fight each other for direction move. Yesterday Break higher side range 39700 that means buyers win the race.Now after breaking small resistance level 40000-40050 zone, this is also acts as psychological level, next resistance level 40800-40850 zone which is small resistance.
The next strong resistance is down sloping trendline which is act as strong resistance zone 41150-41250 range.Each time this zone sellers activated and push the index down side.So buyer can hold the position upto psychological level 41000. After breaking strong resistance 41150-41250 range bank Nifty may travel towards 42000,43000++ level.
Bank Nifty Moving Average Chart
Short Term Moving average 50 EMA
Bank nifty short term 50 EMA is 39800-39820 zone. This moving average value changes on daily basis as the bank nifty moves. Bank Nifty closes above short term average that means we can buy on deep and average our position near 50 EMA with placing stop loss below 50 EMA any 5 min candle close.
Long Term Moving average 200 EMA
Bank nifty long term 200 EMA is 40000-40030 zone. Yesterday Bank Nifty close above 200 EMA that means longer trend changes negative to positive. Also our technical resistance level break and moving price upside direction. Now we can take position for buying side for the target of 41000,41500++ level.
Bank Nifty Technical Analysis On Weekly Chart
Bank Nifty on Weekly time frame making morning star candlestick pattern, this candlestick pattern is sign of bullish trend.Also morning star candlestick pattern made in strong support range of 39300-39700 price.
If the yesterday high can break and bank nifty trade above high we can take a position for buying side and ride the upside rally with stop loss of 39800 on closing basis. Anyone can place SIP on Nifty bank BEES.
Bank Nifty on weekly time frame 41500-41600 price zone acts as strong resistance zone . If this resistance zone break then bank nifty possible to make all time high.
Bank Nifty Technical Analysis On Monthly Chart
Bank Nifty On Monthly Chart taking support range of 38800-39500 price zone.As per technical chart of nifty bank this is taking small retracement on monthly time frame that means rest.Now ready to move upside. On monthly chart 43600-44000 price zone acts as strong resistance zone, this resistance is near all time high.After breaking all time high 46000++ level possible in the Bank Nifty Index.
For longer run Bank nifty Index is positive trend.The Higher high and higher low price action pattern continue form. The long term investor should buy with SIP in the NIfty Bank Bees.
Conclusion
Above article we have seen support and resistance of bank nifty chart on daily,weekly and monthly timeframe.Also seen detailed technical outlook on daily weekly and monthly time frame,we have discussed short term & long term moving average .
