Here's a look at Bank Nifty chart on Weekly...
Labelling BankNifty chart is a task in its own. It all boils down to how market moves next week. Also, importantly, SBI is on key support. Further, all three key weekly EMAs (34,55,89) as all staged in the range of 10002 to 10087. Further, 144 period SMA is at 10212; while 144 EMA weekly is at 9665. This EMA (144) has been flat since week ended 19 Aug 2011, with Bank Nifty gyrating from low of 7739 for week ended 23 Dec 2011 to high of 11226 for week ended 24 Feb 2012.
There is a nice triangle formed on the weekly chart. breaking the c-a trendline joining the low from 7766 on 23 Dec 2011 to 8955 low from week ended 18 May 2012.
Lets look at the move next week. Looking at a test to 9665 and
Here is the close up chart.
Right now calling shots BankNifty is something I would not attempt taking a multi-week call or counts now on BankNifty. Lets wait this on out..
Well, one important chart to note for BankNifty is SBI.
Now, SBI is on key trendline support. Here is the chart.
Here's the monthly on SBI with volume numbers.
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