Bank Nifty Weekly Forecast

By | June 2, 2013

Last Week we gave Bank Nifty Trend Deciding level as 12922 ,stopped out on upside  and achieved 2 downside targets. RBI governor has given hint Inflation is still high, cutting hope of rate cut putting pressure on Bank Nifty further.  So lets discuss how to trade Bank Nifty in coming week as its an expiry week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty is trading near an important support of 12450, took resistance at the falling trendline closed below its 200 HSMA@ 12777.Break of 12450 can lead to fast fall till 12261.

Bank Nifty Daily

Bank Nifty on daily chart pulled back from the top end of channel with negative divergence showing effect, broken both 13000 and 12800 on weekly basis suggesting bears are active. Now expect range bound session in big range of 12200-13000

Bank Nifty Daily

 

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts unable to sustain the  3 channel for fibo channel and start giving pullback , Support is at 12300.

 Bank Nifty Fibo Retracement

Bank NIfty FR

As per Fibo theory 12445 is 38.2% retracement of 13420-10872.Breaking of 12445 further slide till 12145 can be seen next week.

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was down by 293 points and closed below 12800 after unable to cross above the weekly rising trendline. Negative divergence is very much visible on Weekly and monthly charts.Bank Nifty future witnessed liquidation of long position as OI decreased by 23.61% with the fall in price by 1.75% from the previous week.

NCBANKNIFTY

 

KST has also given a SELL as per Bank Nifty Weekly charts.

Bank Nifty Monthly

Bank Nifty Monthly

Monthly charts are approaching the long term trendline and was unable to cross and formed a DOJI Candelstick pattern signalling reversal.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:12445

Bank Nifty Resistance:12620,12760 and 12850

Bank Nifty Support:12280,12145 and 12000

Levels mentioned are Bank Nifty Spot

Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl

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