BANK NIFTY-Indian Banking Index Recommendation---- BUY

On the basis of daily chart of bank Nifty we can see that it has faced a long consolidation phase
From last one month (nov. 2009) with range bond price range of {9350- 8890}, before this
consolidation phase it crossed A GOLDEN CROSS of 3 Exponential moving average (EMA) of
5days, 13days and 26 days which is a bullish signal up-to the next cross-over, at that level 13days
and 26days EMA cross to 5 days EMA from above. Now 9350 is major resistance for bank nifty and
8890 is major support level. Stochastic give bullish diversion with compare to the price and it also
enter into overbought zone it is a bullish signal up-to stochastic will give reversal. MACD also give
bullish crossover which is just above oversold level this also bullish indication. Now on conclusion
we can say that if BANK NIFTY will close above 9350 level it gives conformation for it bullishness
and at this level we will make long position for next week up to the target of 9490.

BUYING LEVEL ABOVE 9350

TARGET FOR NEXT WEEK- 9490
STOPLOSS 9330

INDIAN BANKING INDEX—BANK NIFTY---- DAILY CHART

Long term target of BANK NIFTY is 10600 by observing the weekly chart , on which we can see a
bullish triangle flag which start from 4000 level and it completely form at 7500 level after this it give
the next target up to 10600 level. So on conclusion we give buying recommendation on bank nifty
above 9350 level for long term target of 10600 with strictly stop loss of 8890.

BUYING LEVEL ABOVE 9350

TARGET FOR NEXT 3 MONTHS- 10600
STOPLOSS 8890

BANK NIFTY – WEEKLY CHART