Bank Nifty Weekly Outlook before RBI, Fed policy

By | December 15, 2013

Next week will be crucial for Bank Nifty  as government will unveil data on inflation based on the wholesale price index (WPI) for November 2013 on Monday WPI is seen easing a bit at 6.9% in November 2013, from 7% in October 2013 and Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013 and Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on Wednesday, 18 December 2013. So expect volatile move in Bank nifty based on events ahead.

Bank Nifty Hourly

Bank Nifty HourlyBank Nifty hourly charts are showing positive divergence in leading indicators holding  11300-350 and breaking 11400 positive  divergence will come in effect and we can see a pullback till 117000.

Bank Nifty Daily

Bank Nifty on daily chart is near its trendline support holding the same bounceback is expected to fill upside unfilled gaps.

Bank Nifty Daily

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was down by 353 points and closed at 11366.Bank Nifty is near its rising trendline holding same bounceback is expected.

Bank Nifty Monthly

Bank Nifty Monthly

Monthly charts are trading at its Fibo arcs suggesting the short term correction might be over and we are looking for a pullback on upside.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:11406

Bank Nifty Resistance:11666,11926 and 12056

Bank Nifty Support:11276,11146 and 10886

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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