Bank nifty weekly report 5-9 May 2014
Bank nifty daily chart technical analysis
Bank nifty spot on last trading session closed at 12,842 with loss. On daily chart, banknifty price trend is up but momentum is weakening on continue profit booking. From short-term view, Bank nifty has supports at 12,350 and below it 11,755. While on upside 12,930 and 13,520 are strong resistances for now. Daily chart indicators are approaching support zones and suggesting downside for prices in upcoming trading sessions.
Traders below 12,930 keep short view on bank nifty and expect correction to continue up to 12300 and below. 11,750 is major average level and above it, banknifty short-term trend will remain intact on bull’s side.
Bank nifty weekly chart technical analysis
Bank nifty spot this week closed with loss. This week bank nifty hit high at 13,124 while low was at 12,738. Total 400 points or 3.5% swing for prices and closed with loss on sharp profit booking. Weekly chart price trend is bullish but momentum is losing out as banknifty seeing continues supply from market around 13,100-13,300 zone.
From medium to long-term view, bank nifty now has support zones at 11,100 and 8870. While on upside 13,300 and 15,500 are strong resistances. Weekly chart indicators patterns are mixed and suggesting correction and consolidation for banknifty in upcoming weeks.
Investors below 13,300 keep booking profits in position or hedge them with buying in the money put options.