banknifty forecast for 16-20 sep 2013

banknifty forecast for 16-20 sep 2013

banknifty daily chart technical analysis

banknifty spot index last closed at 10180 with gains.on daily chart banknifty trend is still down but momentum on bullish side on recovery rally.

on daily chart still trading below 3 month average of 10325 and remain as strong resistance.on downside 10050 is week average and 9700 is month average and both will act as support levels.

on indicators side,banknifty cci level is +122 and now off the highs and forming correction pattern.while rsi is at 51 with bullish divergence.


banknifty weekly chart technical analysis

banknifty this week closed with gains.this week banknifty spot made low near 9980 while high was 420 points range and second positive closing on 2 weeks rally from 8400 to 10400!!

on weekly chart,banknifty trend is down but momentum building on bull side.on upside 11k will be strong supply zone and 2 years and 6 month averages meet there. above that 11150 is 12 month average levels and also strong resistance.on downside 10k and 9k are only support on weekly chart for now.

on indicators,banknifty weekly chart cci level is –76 but off the lows while rsi level is at 43 and heading towards 50.

banknifty forecast for 16-20 sep 2013

banknifty for next week,below 10400 may show correction upto 9700-9500 so traders with stoploss above 10450 keep short view and keep target at 9700 and then panic 9000 levels also possible.if close above 10400 then expect uptrend will start and banknifty may show higher levels upto 11k-11200 on upside.

banknifty from medium to long term view,below 11k remain sell on rise and down downside 9500-9000 and 8000 remain as target.investment view suggested above 11k level only.if qe3 taper hit the market then may show previous lows on account of panic selling.

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