Banknifty weekly analysis of 20-09-2021 to 24-09-2021

Banknifty Daily View (a day a candle): 

Banknifty is trading above 37500 levels, exactly at 37800. But in the last trading day it resists 38100 levels and goes down to 37450 levels. Banknifty may consolidate for few days between 38050 and 37450 levels. If breaks either 38050 levels then we can see blasting up move of 700-800 points or breaks 37450 levels then we can see downfall of 750-850 points.

 

 

Banknifty Weekly View (a week a candle): 

On weekly basis, Banknifty is trading above the BLUE trend line and has Bullish view in short term. It seems that Banknifty will go up to 40000-42000 levels in the near short term (this month or the next month i.e. October). The maximum Call OI has developed on the levels of 38000 levels, if Banknifty trades above it then we can see drastic short covering which will take the Banknifty to 39000 levels in the next week. Banknifty will be only Bearish when it breaks the RED trend line i.e. 36500-36000 levels.