Bank nifty weekly forecast report
Bank nifty daily chart analysis
bank nifty spot index on last trading session closed at 12680 with loss.on daily chart bank nifty spot index closed just below weekly and monthly averages while still trading above 3 month average.
weekly average of 12692 first resistance level on upside while on downside monthly average of 12593 and 12128 is 3 month average and final support for short term uptrend.
bank nifty daily rsi is 56 with bearish divergence while bank nifty daily cci is +38 and with bearish divergence.so momentum turning down on account of correction and profit booking.
bank nifty trend and momentum losing out on account of correction so traders those having long positions must trail there profits with stoploss.short side is not suggested.fresh buying must be done near support level of 12128 on reversal signal.as nifty and sensex still showing strong bullish momentum,here also we may see sharp reversal near supports.
Bank nifty weekly chart analysis
bank nifty this week closed with gains.this week we seen top at 12908 while low was 12583.total 320 points weekly swing with bullish momentum.on chart look like going for consolidation.
on downside,major medium to long term averages are in range of 11600 to 10500.while on indicators bank nifty weekly cci is +133 and with bearish divergence while weekly rsi is 72 and with bullish divergence.so momentum seems to mixed.
medium to long term traders and investors must keep trailing stoploss for all profitable positions while fresh buying suggested near support only.
on upside 13100 and then 13550 are targets and still intact.next week some consolidation or range bound moves expected.if closed above 12910 then rally will pick another sharp upside momentum.
Bank nifty weekly forecast for 21 to 25 Jan 2013
short term traders must buy near support only.on upside 12900-13100 are short term targets while stoploss remain below 12580.
next week probably may show range bound moves.