banknifty forecast for 23 to 27 sep 2013

banknifty daily chart technical analysis

banknifty spot index last closed at 10686 with loss in last trading session.on daily chart banknifty trend is still bullish but momentum coming down as hit overbought zone.

on chart 10600 is week average and first support on downside on daily chart.below that 10350 is 3 month average and major support and below that 10050 is month average and remain as support.on upside 11200-11500-11800 are major resistance zones on daily chart.

on indicators banknifty cci level is +127 and off the overbought zone while rsi is at 55 and heading towards 50.

bankniftydailychartfor23to27sep2013

banknifty weekly chart technical analysis

banknifty this week closed with gains.this week banknifty made high near 11200 while low was below 10200.total 1000+ points range and closed with gains.this was 3rd week of gains and in these 3 weeks banknifty from lows of 8600 rallied upto 11200.total 2600 points range for very short time suggest high volatile moves on panic buying/selling.

on weekly chart banknifty trend is bearish but momentum still on recovery side.on upside 11k-11200 is major average zone and remain as supply zone for upcoming time.if next week close below that then it may be long term sell signal and downtrend may resume.

on indicators,banknifty cci is –37 and with bullish divergence.while rsi is 47 and still below 50.

banknifty forecast for 23 to 27 sep 2013

for next week,above 10350 keep long or buy on dips view for target 11200-11500 and above.but if close below that and sustain then must go short for deep downside.

from medium to long term view,next week negative closing below 11k may resume downtrend and banknifty again head towards previous lows of 10k-9-8k levels.

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Pramod Baviskar

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