bank nifty weekly forecast report
bank nifty daily chart analysis
bank nifty spot on last trading session closed at 12693 with gains.after almost 5 weak session bank nifty given sharp upside rally on account of buying and fresh short covering.
on above daily chart,bank nifty trading above all short term averages means short term trend is absolute bullish.on downside weekly average of 12640 then month average 12604 and in last 3month average 12203 are major supports.
bank nifty short term momentum still on bullish side and may continue next week.so on upside expect 12850 to 13100 levels in next week.
bank nifty weekly chart analysis
bank nifty spot index this week closed with flat gains.this week bank nifty hit low of 12509 while high was 12748,so total almost 250 points weekly swing.
bank nifty major medium to long term averages are in range of 11700 to 11550 so current level is mot suitable for fresh long term buying.bank nifty weekly momentum still bullish and indicators still hovering in bullish zones.
in medium term bank nifty upside targets will be 13500 to 14100 an dif momentum continues then expect these targets in feb to march series.option traders can take positions for these levels as risk reward remain favorable.
bank nifty weekly outlook for 28 jan to 1 feb 2013
short term traders now sit on long side as daily chart given fresh buy signal.stoploss remain below 12600 on closing basis and upside expect 12850 to 13100.
medium to long term traders trail profits with stoploss just below 12200 and expect 13500 to 14100 in next 4-6 weeks if momentum continues!!