Bank nifty weekly forecast report
Bank nifty daily chart analysis
bank nifty spot on last trading of friday closed with loss at 12617.on chart bank nifty index trading below weekly average of 12701 while trading above monthly average of 12575 and 3month average of 12025.
both these monthly and 3 month average now act as supports while weekly average now act as resistance.bank nifty short term trend is bullish but going through correction.
fresh buying suggested near support on reversal signs only.on indicators side,bank nifty daily cci level is +61 with bearish divergence while daily rsi now turned down at 58.short term momentum looks bearish and fall may continue in next week.
Bank nifty weekly chart analysis
bank nifty spot index this week closed with loss.this week bank nifty high was 12837 while low was 12582 and closed near lows.
bank nifty medium to long term trend is still bullish only showing signs of correction/consolidation.on chart bank nifty 6 month average is 11525 then 12 month average is 10981 and in last 24 month average is 10468.while major long term support of 2 years average is now at 10468.all these area are fresh entry zone for fresh investors.on upside 12830 remain as supply zone for now.
on indicators side,bank nifty weekly cci is +146 and with bearish divergence and showing correction signs.bank nifty weekly rsi is +71 and turning down on negative closing.banknifty momentum showing softing on correction.
Bank nifty weekly outlook for 14 to 18 january 2013
short term traders can hold shorts with stoploss above 12830 and expect correction upto support levels.near support level watch for reversal signs and take long call on bank nifty.if slips below 3 month average level then go short with stoploss.
medium to long term traders can investors can liquidate some profitable positions for now and enter on downside after reversal signs.any bad news or deep correction may take bank nifty index upto 11600,so watch for that.