bank nifty outlook for 6 to 10 may 2013

Bank nifty daily chart forecast

bank nifty spot index on last trading session closed at 12393 with deep cut.on daily chart bank nifty trend is bullish while momentum showing cooling off.

on daily chart,bank nifty weekly average is 12521 and currently bank nifty trading below that so it will be first resistance on upside.below that 12080 is month average and 11960 is 3 month average on chart and short term support levels.on indicators side,bank nifty daily cci is +78 and with showing correction signs after touching overbought nifty daily rsi is at 59 and forming bearish divergence.above weekly average 12800 is last top and strong resistance on daily chart.

Bank nifty weekly chart forecast

bank nifty this week closed in red on account of profit booking and bad news flow for banking sector.last session crack made this negative.this week bank nifty made high at 12783 while low was almost 450 points volatility and correction after last 2 weeks sharp gains.

on weekly chart,bank nifty is near 12900 top and on downside 6 month average of 11850 is first support.below that 11450 is 12 month average and 10880 is 2 years average and major supports from medium to long term view.on indicators bank nifty weekly cci is +57 and with bullish divergence.while rsi is at 57 and holding buy signal.

bank nifty outlook for 6 to 10 may 2013

for next week expect correction may continue but but buy near supports if shoes positive closing.for gains 12550 to 12800 as upside targets.below 11950 on closing basis change trend and possibly momentum on sell side.

from medium to long term view,correction and consolidation is expect but targets remain at new highs and near 11k was investment 11850 is trailing stoploss.on upside 13000 and then 14400 is our expected targets for bank nifty.many major bank stocks still bitten down so expect sharp buying demand in them.

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Pramod Baviskar

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