MONTHLY ANALYSIS
(Monthly Chart of BANKNIFTY)
(NOV'2010 TO NOV'2012)
This is the Monthly chart of Banknifty from NOV'2010 TO NOV'2012. One can see 'V' shape pattern in above chart. It had made high of 13303.60 in NOV'2010 & Low of 7766 in Dec 2011. This downfall took 14 months period.
Now Can we expect a high of 13300 in short term???
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WEEKLY ANALYSIS
(weekly chart of banknifty)
One can see the big Inverse Head and Shoulder pattern in weekly chart of banknifty. The hight of this Head &Shoulder pattern is around 3500 points from low of 7766. Which gives a target of 14500 in long term.
On right shoulder , one can also see a small inverse H&S pattern for which the target is 12500.
Till Now banknifty made high of 12175. So now 1st target is 12500 and than 13300 in short term and 14500 in long term. Let see what the market says..??
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