banknifty daily chart technical analysis
banknifty spot on last trading session closed at 9049 with gains.on daily chart banknifty trend and momentum both still bearish.on chart closed just above week average of 9020 but still trading way below banknifty month average of 9580 and 3 month average of 10550.both remain as strong resistances fro upcoming time.
on indicators,banknifty cci on daily chart is at –99 and off the lows.while rsi is at 34 and formed small bullish divergence.
banknifty weekly chart technical analysis
banknifty index this week closed with loss and traded in wide range on high volatility.this week banknifty made high near 9600 while low was near 8300.total almost 1300 points week volatility which resembles 13% total value.after last week positive closing bank once again tumbles but significantly recovered all end losses.
in last 8 weeks or 4 month time frame banknifty almost lost 5500 points from 13500 to almost touched 8000 level on downside.which is almost 40% cut from top.
on weekly chart banknifty trend and momentum both bearish.all major average are way upside at 11k-11300 zone.on indicators banknifty cci on weekly chart is at –209 and still in oversold zone.while rsi is at 35 and still trending towards 30 levels.
banknifty forecast for 2 to 6 sep 2013
for next week,banknifty above 9000 levels may continue to show pull back upto 9500-10k.but near 10500 short term traders watch and if gives negative closing then go short for target 9500-9000 on downside again.volatility remain concern for all time frame traders so keep tight stoplosses.
from medium to long term view,banknifty my targets of 9000 and almost touched 8000 on downside.now on chart seems to be oversold so expect pull back and consolidation rallies ahead.but war or further depreciation in rupee may show 8000-7500 in upcoming time.8500 remain as temp stoploss for investors those invested in these fall or at this level.on upside 10k will be first pull back rally target.