bank nifty daily chart technical analysis
bank nifty index last closed at 12769 with flat loss.on daily chart bank nifty index trading below week average while still holding month and 3 month average.on upside 12870 is week average and remain as resistance while above that 13400 is strong previous top resistance.on downside 12675 is month average support and then 12300 is 3 month average and last support on chart.bank nifty momentum indicators showing signs of correction.
bank nifty weekly chart technical analysis
bank nifty index this week tumble from new highs and closed with loss.in this week bank nifty made high at 13414 while low was 12582.total almost 850 points movement in week.on chart look like bank nifty topped out at 13400 and now moving towards averages to find support.
on weekly chart,bank nifty still trading way above all major averages on weekly chart.12070 is 6 month average,then 11600 is 12 month average and in last 11035 is 2 years average and last support from long term view.momentum indicators on weekly chart showing topped out signal and now time to correct?
bank nifty forecasts for 27 to 31 may 2013
for next week,below 13k levels hold shorting view or expect correction in bank nifty future and may show up 12600 to 12300 levels on downside.if nifty slips upto 5790 to 5750 then we may see levels near 12k.
from medium to long term view,13400 is top now and remain as strong resistance on downside expect correction upto 12k in medium term if sow reversal at that level then must be re=entry opportunity for those who missed last rally.