Banknifty Daily Chart
Banknifty future hurdle at 19450 Resistance 19550 – 19900 Supports 19000/18650
Banknifty future from chart above looks like making a head and shoulder formation which is in its last leg of forming the right shoulder (which it should, to become a valid pattern). As per the chart above 19450 is tough line of resistance for bulls only once this level is sustained close basis the next up leg shall begin, till that the bank nifty is sell on rally and around 19000 there is a strong support from where it becomes a buy towards this resistance again.
The same has been happening form last couple of sessions. Now next week is FNO expiry for February series and for bulls to have any chance of a expiry happening higher bank nifty must be able to close above 19450 in coming two/three sessions on downside however its been testing around 19000/18900 levels and bouncing back if it close below 19000 today or monday then a sharp correction to 18350 and lower shall be seen.
Any uptrend however will resume only above 19450 towards 19900 and higher.
2 Replies to “Banknifty Futures Observation – February Expiry Outlook”
18532 banknifty feb !