MTECHTIPS BANKNIFTY FUT intrday trading analysis 01-06-2015
MTECHTIPS banknifty last closed at 18721 with gains. last session closing was trend breakout for banknifty above its 3 month average with is buy signal for short to medium term traders. on downside 18440 is now strong support of 3 month average and stop loss will remain below it for long traders. daily chart indicators side, macd is above zero with bullish buy divergence. rsi is at 52 with strong bullish divergence and cci is heading towards +100 levels. on upside 18980 and then 19600 are strong resistances as well as next week targets if rally continues. banknifty spot this week closed with gains. this week banknifty hit high at 18751 while low was at 18226. total 525 points weekly swing or almost 2.5% weekly range for this index. this was third gaining week for banknifty suggesting strong recovery rally on strong hand buying. this week banknifty had given closing above major resistance with price action as well as volume so expect medium term uptrend for this index with higher price targets. banknifty weekly chart indicators, macd is above zero with bullish divergence. rsi above 50 with fresh medium term buy signal and cci is at 23 and heading towards +100 with bullish divergence. banknifty future traders must trail long positions stop loss below 18500 for price targets of 18980 and above. option traders can use 18500 call options of may expiry for buying and accumulation with same strict stop loss.
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