banknifty daily chart technical analysis
banknifty spot index on last trading session closed at 9961 with gains.on daily chart trend is still down as trading below 3 month average level of 10350 which remain strong resistance level for next week.while momentum is definitely on recovery side as short covering going on in market.
on downside 9500 is month average and 9400 is week average and both will act as support for next week.
on daily chart banknifty cci level is +98 and with bullish divergence.while rsi is at 49 and near bullish breakout.
banknifty weekly chart technical analysis
banknifty this week closed with gains.this week banknifty made low around 8600 while high was almost 10k.total 1400 points or 16% range in a week shows how volatile market is?
on weekly chart banknifty trend is down but momentum is clearly on recovery side and sort covering pushing index on upside.on upside all major averages are 11k-11400 zone so way upside but in between 10k and 10500 are intermediate resistances.
on downside banknifty cci is –137 and off the lows.rsi is at 42 and showing signs of recovery but still in bearish territory.
banknifty forecast for 9 to 13 sep 2013
for next week,banknifty above 9400 support level may continue to gain.above 10350 will be short term bullish breakout and in that scenario traders can expect targets of 10500-11k on upside.but below that this will be just a technical bounce back rally and as soon as short covering ends we may see downtrend may resume.
from medium to long term view,in 3 week we seen more than 1000 points volatile moves in banknifty.here it may continue and after some bounce back banknifty may show consolidation and then may resume downtrend.