Bank Nifty weekly outlook 19 to 23 nov 2012

Bank Nifty weekly forecast report

Bank Nifty daily chart analysis

bank nifty spot on friday closed with losses at 11335 with almost 2% loss.on daily candlestick chart,bank nifty now closed below monthly and weekly averages which is first sign of bearish trend.

on chart,bank nifty spot weekly average is 11535 and monthly average is 11456 and these will now act as strong resistances.while on downside 3 month average of 11120 is final support for short term uptrend.

on indicators side,bank nifty daily cci is +8 and heading for downside breakout.bank nifty daily rsi is 54 and forming bearish divergence.

Bank Nifty weekly chart analysis

bank nifty this week closed in red on week on week basis.last session was worst for this index as selling triggered in wide frame.on weekly chart now showing signs of correction and may heads towards major downside supports.

on weekly chart,bank nifty 6 month average is 10815 and then 12 month average 10500 and in last 2 years average 10160.all these are supports from medium term view.

on indicators side,bank nifty weekly cci is +104 and with bearish divergence.bank nifty weekly rsi is 66 and still with bullish divergence.

by analyzing bank nifty weekly chart we get that slowly bank nifty breaking down from consolidation and heading towards major averages.

Bank Nifty monthly chart analysis

bank nifty on monthly chart still positive for month of nov 2012.on above chart major long term trend support is 5 years average of 8950.

on indicators side momentum still bullish as cci is at +125 and rsi is 58 with bullish divergence.

Bank Nifty weekly outlook 19 to 23 nov 2012

from short term view,traders must hold short positions or go short on bounce back with stoploss above 11500 and expect 11120 and below.as bank nifty is topped out at 11700 and now head towards fresh bottom.

from medium to long term view,top of 11700 is remain strong resistance and stoploss while on downside target comes at 10800.