bank nifty weekly forecast for 13 to 17 may 2013

bank nifty daily chart forecast

bank nifty spot index on last trading session closed at 12752 with gains.on daily chart bank nifty trend and momentum strong bullish.

on chart bank nifty weekly average is 12635 and first support on downside.below that 12280 is month average and 12060 is 3 month average and major short term supports below weekly average.on upside 12850 is only resistance and then uncharted territory for bank nifty.

on indicators,bank nifty daily cci is +76 and off the highs.while bank nifty daily rsi is 65 and heading towards 70 mark.

 

bank nifty weekly chart forecast

bank nifty index this week closed with huge gains after last week corrective move.in this week bank nifty made low at 12188 while high was 12783.total 600 points run from bottom and near long term breakout.

on chart bank nifty 6month average is 11915 and first major support on downside.below that 11500 is 12 month average and 10925 is 2 years average.on upside 13200 and then 14500 looks next major target zones.on indicators bank nifty weekly cci is +64 and heading towards +200 while rsi is 60 and still with bullish divergence.

bank nifty weekly forecast for 13 to 17 may 2013

for next week bank nifty above 12600 remain buy on dips and expect 12850 which is almost achieved and then 13200.below 12600 must exit long and follow wait and watch.

from medium to long term view,bank nifty is near fresh long term breakout and entering uncharted territory suggesting bull market.on upside 13200 and 14500 are targets for bank nifty in year 2013.near 11000 was investment opportunity.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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