bank nifty daily chart technical outlook
bank nifty spot index last closed at 13317 with gains.on daily chart bank nifty index trend and momentum both strong bullish on buying demand and sharp short coverings.
on chart,bank nifty week average is 13050 and first support on downside.below that 12540 is month average and 12200 is 3 month average and last support from short term view.on upside 13500 and then 13800 looks psychological resistances as well as upcoming targets.on indicators,bank nifty index cci is +213 and clearly overbought while rsi is at 67 and near overbought zone.
bank nifty weekly chart technical outlook
bank nifty index this week closed with heavy gains.in this week we seen lows near 12516 while high was at 12355.total 850 points bottom to top run and continuation of bull market with another sharp breakout above 12800.
on upside now from medium to long term view 14500 is first target zone.on upside 13400 is major immediate resistance.on downside bank nifty 6 month average is 12020 and first support.below that 11560 is 12 month average and 10970 is 2 years average.
on indicators,bank nifty index cci is +143 and heading towards overbought zone while rsi is 62 and with bullish divergence.
bank nifty forecasts for 20 to 24 may 2013
for next week,bank nifty above 13050 remain buy while fresh long traders must enter long near supports only.stoploss remain below 13k while on target side expect 13500 and then 13800 as upside targets.below 13050 on closing basis expect consolidation/correction phase.
from medium to long term view,watch next week closing if close above 13400 then in next 3-4 weeks show us 14500+ as next target.below that on weekly chart correction/consolidation phase will trigger.on sharp correction 1000-1200 points possible below 13400 as major first support is at 12k.