Bank nifty weekly forecast report
Bank nifty daily chart analysis
bank nifty spot on last trading session closed at 12315 with loss.on daily chart bank nifty index weekly average is 12410 and currently trading below it which suggest upcoming correction or correction phase for bank nifty index.
on downside 12170 si monthly average and in last 11670 is 3 month average for banknifty index.both these level will act as supports and targets for correction phase.
on indicators side,bank nifty daily cci is 50 and rsi is 60 and both now forming bearish divergences.
so banknifty short term trend bullish but correction is going on while momentum clearly lost to bears.
next week may show us 12150 and then below 12000 levels.
Bank nifty weekly chart analysis
Bank nifty this week closed with loss.after 4 weeks straight gains this was first losing week for bank nifty index.
bank nifty 6 month average now at 12240 below that 10780 is 12 month average and in last 10350 is 2 years average level.on weekly chart momentum also turn on bears side which suggest upcoming correction.
on chart 12550 is top and look like bank nifty index topped out and heading towards supports.
Bank nifty weekly outlook for 24 to 28 december 2012
short term traders below 12500 stay short now and fresh short accumulation zone is 12410 to 12450 with stoploss above 12550 and expect 12150 to 12000 as target zone.to minimize risk traders can buy bank nifty 12000pe jan series with same stoploss and targets given above.
medium term or swing traders can do same with stretching targets upto 11800 to 11600.reversal on long side happen only if bank nifty sustain above 12550 for atleast 3 sessions.
US fiscal cliff and rising dollar index(weak rupee) may trigger selling across the board and as bank nifty has major share in nifty .weakness and profit booking may be deep here.
