banknifty forecast for next week 3 to 7 jun 2013

banknifty forecast for next week 3 to 7 jun 2013

 

banknifty daily chart technical analysis

banknifty spot index last closed at 12475 with heavy losses on sharp selling.on daily chart like nifty banknifty also near major short term support.12380 is 3 month average level and last support on short term view.on upside 12730 is week and month average zone and remain as strong resistance.

below 12380 next major supports are 12000 and 11600 and may be targets if slips below 3 month average on closing basis.banknifty daily chart indicators,shows cci negative with bearish divergence while rsi is below 50 with fresh sell signal on chart?

banknifty weekly chart technical analysis

banknifty index this week closed with loss and continues to tumble down after last weeks sharp fall.this week banknifty spot high was 13016 while low was 12453.total almost 600 points week volatility and continuation of correction rally on weekly chart.in last 2 weeks time frame banknifty index almost lost 1000 points which is suggest panic and big players out of the market.

on chart,banknifty 6 month average is 12103 and first support on downside.banknifty 12 month average is 11645 and 24 month average is 11070 and last support for investors.on weekly chart also banknifty indicators showing bearish divergences.

banknifty forecast for next week 3 to 7 jun 2013

for next week week,watch 12380 on closing basis if hold take long positions with stoploss for technical rally upto 12700-12800.but if breech that levels and fall down then go short for targets of 12000 and then 11600.below 12380 banknifty short term trend become bearish while momentum already on bear side.

from medium to long term view,banknifty index going through correction phase and eventually may find supports at major average.if sustain near averages then might be buying opportunity.while investors must keep booking profits in banks and consider re-entry points near 12-24 month averages only.

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