Banknifty Weekly analysis - 6th May to 9th May

Banknifty Daily Chart analysis:



Banknifty Daily Candlestick Chart
Banknifty Daily Candlestick Chart


Bank nifty Daily chart is showing Positive sentiment. Bulls need to close above 29997 for move towards 30500. Bears will active below 29650 for 29450 level.Bears have upper hand if closed below 29450. 

Maximum Open Interest Build UP on call side at 30500 and Put side at 29500. 30500 will be Resistance and 29500 will be support for next weekly expiry.


Bank nifty Weekly Candlestick Chart analysis:



Bank nifty Weekly Candlestick Chart analysis
Bank nifty Weekly Candlestick Chart
On a weekly chart Banknifty has made a DOJI Candle which suggesting Big move may come in coming week. If banknifty start to stay above 30000 then bulls will have upper hand,otherwise 29450 may see if close below 29900.

Banknifty Hourly Chart analysis :



Banknifty Hourly Chart analysis
Banknifty Hourly Chart analysis
Banknifty is moving in a channel on Hourly chart. It faces resistance near 30000-30100. Closing above 30100 on hourly basis will see 30350-30450 Tip of Channel.
Bottom of channel is 29750 to 29900 will act as support.


Banknifty Spot Weekly Target :


Buy above 30078 , Target 30240 , 30420 , 30600

Sell below 29754  Target 29592 , 29448 , 29313


Twitter: https://twitter.com/BharatKumarWP

YouTube:https://www.youtube.com/c/ultimateforex/

Telegram Contact for Premium Chart/Signal Service: https://t.me/UltimateForexSupport

Post a comment

0 Comments