Bank Nifty weekly forecast report Bank Nifty daily chart analysis
bank nifty spot on friday closed at 12787 flat positive.on daily candlestick chart,bank nifty spot index is in absolute uptrend and trading above all short term averages.
on chart,bank nifty weekly average is 12705,below that next support will be 12418 which is 12 month average and in last 11907 is 24 month average level.
all these levels are support as well as fresh entry zone for buyers on decline.bank nifty last week after taking support of weekly average moved upside on reversal and high highs near 12850.
on indicators side,bank nifty index daily cci level is +207 and overbought zone while daily rsi level is almost 75 and at overbought zone.this shows that momentum is bullish but very much stressed.
short term traders above 12700 on closing basis can hold longs for targets of 12900 and then 13100.if slips below 12700 then correction upto 12400 may be possible.
Bank Nifty weekly chart analysis
bank nifty this week closed with huge gains.see last breakout candle on weekly chart.this is second successive positive weekly closing for bank nifty index.
this week low point was 12427 while high was 12837 so almost 400+ points rally from bottom to top.
bank nifty medium and long term trend bullish and fresh buying and investment avoided only hold longs of lower levels.
on indicators side,bank nifty daily cci is +161 and with bullish divergence while rsi is 76and seems to be overbought.
on downside 11500 is 6 month average level,if any deep correction comes that will be first major support on downside.
bank nifty spot index now trading above jan 2011 high of 12000 which also suggest bull market.
Bank Nifty weekly outlook for 7 to 11 jan 2013
short term traders can buy and hold longs with stoploss just below 12700 and expect 12900-13100 on upside.if profit booking triggers any how then below 12700 ,correction targets will be near 12500-12400 zone.
medium term and investors can hold longs in bank nifty with trailing stoploss and expect 13100 to 13550 as target zones.fresh buying or investment must be avoided.