Bank Nifty weekly forecast report
Bank Nifty daily chart analysis
Bank nifty spot this week closed at 12158 with gains in last trading session.bank nifty now at peak of 2012 and on chart shows that there is mush more space still left on upside.
on daily chart,bank nifty weekly average is 11835 below that monthly average comes at 11560 while last support for this uptrend is deep downside at 11240.
on indicators side bank nifty daily cci and rsi both hovering in overbought zones.so in upcoming week correction is due.
if we connect last top and current top then trendline shows next possible top at 12450 and if bank nifty cross that on weekly closing basis then again expect sharp short covering rally of 500-1000 points in bank nifty.
some stock in bank nifty still under owned and having strong weightage ,when they show buying we will see sharp long rallies in this index.bank nifty is almost 40% responsive for nifty bull run.
Bank Nifty weekly chart analysis
bank nifty this week rallied almost 700 points on huge buying interest.look like new year welcome rally set for fire!!bank nifty index now trading above April 2011 top and now only major top 12500 of jan 2011 is left on chart!!
on averages side,bank nifty index 6 month average is at 10945 and below that 10550 is 12 month average.in last 24 month support average level is 10200.
on indicators side,both cii and rsi still holding momentum and look like given new start sign on upside.
on weekly chart trend channel suggest targets near 13400 in medium to long term view.
Bank Nifty weekly outlook for 3 to 7 December 2012
short term traders must do buying near support only.while hold current longs for targets 12400-12500 in next week.closing below 12000 may likely disturb bulls momentum.
medium and long term traders target levels are 12500 and then 13400 if sustain on weekly close.on downside 11600 is major support and trend decider.option traders must look at 12500 call option of de expiry on decline.currently look like overpriced on fear!!