Bank Nifty Monthly Charts
Bank Nifty monthly charts shows a clear breakout from the consolidatation and also nearing 52 week high as well. Still the FEB 2017 series has 12 more trading sessions to go. Its early to confirm that trend is up on the monthly charts however to be noted bank nifty never closed above 20400 levels on the monthly closing basis. Requires a strong trigger to close above 20400 on monthly basis.
Bank Nifty Weekly Charts
On the weekly charts trend is clearly up and continuously making higher high for the last three trading weeks. On the weekly charts as well banknifty failed to close above 20400 levels on closing basis. however RBI monetary policy could bring more clarity on whether the 20400 levels will be crossed decisively on closing basis or not.
Bank Nifty Daily Charts
So far the current uptrend leg which started from the low of 17617 has three consolidation zones so far and still the trend remains up and 20321 levels bring visual resting zones form the charts. Close below 20321 could bring a possible consolidation to downtrend in the shorter term. Highest ever close in Bank Nifty Futures was 20507.9 during 7th Sep 2017.