WEEKLY CHART BOOK

First Let Us Have a Look At What Was Said In Our Last Weekly Chart Book

'' In My View After 2013/2014 /Early 2015 Bullish Move NIFTY May Have Entered Its First Serious Corrective Phase

Having A MULTI YEAR & STRONG Base Around 6000-6500 Zone Even A Price Correction Till These Levels Should Be Termed As CORRECTION Only

NIFTY MONTHLY CHART :

I am Neither Claiming A NIFTY Target Of 6500 Nor Denying it Right Now

I Am Sure With Technicals We Can Ride Any Trend Even If Such A Deep Correction Is Going To Come

We Should Let Time Take Us To Where Ever NIFTY Is Going To Go In The Future

But Looking Daily/Weekly Charts We Can Safely Presume That The Recent Low Of 7950 Is Going To Be Broken With A FIRST NIFTY Target At 7816-7844 Zone ''

And As We All Know NIFTY Did Reached Both Targets And Has Closed Above The Target Zone

Here is The Updated Weekly Chart Of NIFTY

It Was A Very Dramatic Week As NIFTY Breached Earlier Supports Around 8300-8200 With A STRONG Bearish GAP DOWN Open And Sustained Below All Earlier Supports At The Weekly Closing

But Since New Supports Have Emerged Around 7670-7800 Zone And With A CANDLE PATTERN Called A HAMMER We may See Some More Corrective Up Side IF NIFTY Remains Above 7862 For First Two Days In Coming Week

A DAILY CLOSE Below 7862 Can Easily Resume The Down Trend Again

Do Not Expect Bullish Fireworks In Our Markets Too Soon Till NIFTY Remains Below 8359

Even If We Have a Significant Bottom At 7667 We Will Have A HIGHER TOP-HIGHER BOTTOM Pattern On Charts To Let Us Know That A New Rally Will Initiate Soon

BANK NIFTY :

BANK NIFTY Too Has A Strong Bearish Gap 18034-17569 Become A STRONG SUPPLY Zone

Probable Down Side Targets Of 16100 Around Are Open But Since We Have A HAMMER Pattern On Weekly Charts We Have To See If BANK NIFTY Sustains Above 16875-17061 Zone

If BANK NIFTY Can Remain Above 17249 On Closing Basis For First 2 Days W e May See Some More Upside Correctives

But A Close Below 16875 Will Initiate Further Down Move

Clear Identification Of Trends For NIFTY & BANK NIFTY Can Be Like This

LONG TERM TREND : Strong Up

MEDIUM TERM TREND : DOWN

SHORT TERM TREND: Sideways With Down Ward Bias

MARKET VIEW 260815

NIFTY VIEW FOR 260815:

SUPPORTS: 7828-7808

RESISTANCE: 7931-7984

NIFTY Was Extremely Volatile As It Opened High Went Down Sharply And Closed With A 250+ POINTS Recovery

But As On EOD Charts This Recovery Means Just A PAUSE  In The Current Trend

There Are So Many Resistances That It Will Be EXTREMELY TOUGH For OUR Markets To Resume Uptrend Too Soon

Expect More Volatility For A Few More Days

A FIBONACCI MAGIC

BANKNIFTY :

For BANKNIFTY Too 16100 Seems To Be One Important Target/Support Zone And Any Recovery Before This Level Should Prove To Be Corrective Only

A PAUSE In The Current TREND Is Suggested By The Yesterdays Candle Pattern Which Is NOT A Reversal Pattern

A Few More Volatile Sessions Are Expected

NIFTY FUTURE LOW @7809

NIFTY Targets Done As There Is Panic In The Whole World Markets Exactly As Anticipated Here !!

NIFTY TARGET OF 7876 WAS PREDICTED A WEEK AGO

http://bhoom2tika.blogspot.in/2015/08/market-view_14.html

ROUT WAS WELL ANTICIPATED

Market View 17082015

WEEKLY TECHNICAL VIEW FOR NIFTY :

NIFTY is Clearly On A Strong Bull Run But After A Correction Which Took Shape Of A Falling Wedge There Was Break Out But The Break Out Seems To Have Lost Momentum

Since Past 6 Weeks Nifty Has Been In A Range Of 8330-8650 Which Is Now generating Confusing Signals

We Will See A 500 Point Nifty Move But It Will Be On EITHER Side

A Comfortable Break Of The Range On Up Side Can Take Us Back To 9100 & The Same On Down Side Can Take Us Back Below 7900 The Later Will Be A Golden Buying Opportunity If It Happens

NIFTY TARGET 7816

I had used an innovative way to get a target price for nifty of 4538 in 2011...3 months later nifty touched exact 4538 in nov 2011

same technique seems to work rightt now and I can project nifty tgt 7816
 see how

if nifty comes to 7816 n then if 1 puts fibo retracement levels at that time to get fut retracements

How these recent tops-bottoms becomes retracemnts
 9120--7816...and see the levels of 8315--8621--8429--8840 becomes fut price retracements

DANGER SIGNALS : NIFTY CRASH COMING

In My Few Past Articles And Daily Market View I Had Very Clearly Suggested A Few Danger Signals Were Seen On Charts

Here Are two NIFTY Charts To Show How Price Patterns Repeat Themselves Time & Again

Charts Reveals Very Clearly Whats Coming Up

NIFTY 2003-2004

NIFTY As On 21082015 :

Market View 17082015

WEEKLY TECHNICAL VIEW FOR NIFTY :

NIFTY is Clearly On A Strong Bull Run But After A Correction Which Took Shape Of A Falling Wedge There Was Break Out But The Break Out Seems To Have Lost Momentum

Since Past 6 Weeks Nifty Has Been In A Range Of 8330-8650 Which Is Now generating Confusing Signals

We Will See A 500 Point Nifty Move But It Will Be On EITHER Side

A Comfortable Break Of The Range On Up Side Can Take Us Back To 9100 & The Same On Down Side Can Take Us Back Below 7900 The Later Will Be A Golden Buying Opportunity If It Happens

There Will Clue Coming Up Soon On EOD / INTRA Day Charts

NIFTY View For 17/08/15 :

There Was An Upside Corrective Possible Above 8440-8460 But I Expected Selling To Resume From Around 8494 That Did Not Happen And Market Just Rallied Back Above Resistances Giving A Strong Close

Weekly Close Was Crucial And By Closing Back Above 8500 Weekly Close Can Not Be Termed As Weak Close

It Should Be A Buying Opportunity On Dips Again If We See Some Minor Corrections After Strong Friday Rally

Nifty Must Remain Above 8440-8461 On EOD Closing Basis To Have A Possible Break Above 8650 During The Week

EOD Chart NIFTY :

BANK NIFTY View :

18550 Was Our Stop For Bears For BNF And That Was Triggered On Friday Giving A Strong Bullish Signal For The Whole Market

100-200 Point BNF Correction Can Be Bought Provided It Does Not Close Back Below 18359

If Bank Nifty Can Manage A Close Above 19100-19200 We Will See A Strong Up move Up To 19829

 Investment Picks :

BHARAT FORGE :  CMP:1225

Buy With A Stop loss Of 1200 On Closing Basis With A Target Of 1259 /1310

CENTURY ENKA CMP :229

A Volatile Stock But On The Verge Of A Break Out

Buy With A Stop At 214 For Targets Of 258 /281 /309

DEEP IND CMP :141

Buy With A Stop At 130 For Targets Of 160/180

DHFL  CMP:510

Buy With A Stop At 495 For Targets Of 535 /555

Market View

NIFTY : A LOW At 8339 and A High At 8429 Was The Volatility Of The Day And This Volatility Was Expected And Suggested Here Too

NIFTY Opened With A GAP UP Went To 8429.5 And There Wild Whipsaws Through The Day

Selling Was Suggested From Around 8430 And Buying Above 8376-8396 Zone

Watch For A Sustained Move Above 8440-8461 And We May See 8494 Again

Expect Selling Again From 8461-8494 Zone

A Close Below The SUPPORT LINE Shown On The Chart Will Take NIFTY To 8200 And Further Down Side Will Open Up

Weekly Close Is Very Important

BANK NIFTY :

For Bank Nifty We Can Not See A Range Like We Have For Nifty

But A Low At 17821 Is Very Crucial Support For Bank Nifty And Expect This Level By Next Week If Bearish Ness Continues

18555 is the Level To Watch On Closing Basis For Bank Nifty

But A Negative Close Today / Dull Day And We Will Have Negative Weekly Candle Patterns

Market View

NIFTY : 8650--8665 Seems to have Proven A Real Strong Resistance Zone And As Suggested Here To SHORT Nifty Futures If It Remains Below 8555-8571 NF Tested Previous Lows At 8503 And Then Met The 2nd Sell Target of 8460 Too By Making A Low At 8461

We Are Heading Towards The GAP Zone Of 8448-8397

For A Decisive BREAK Down We Need To Have A Watch For A CLOSE Below The GAP At 8448-8397 Also The First Fibonacci Support Of 38.2% is At 8380

Expect Some Corrective Up move / Sideways Moves IF Nifty Fills The Gap And Does Not CLOSE Below 8380

This Week's CLOSE Will be Very Very Crucial For Our Markets

BANK NIFTY :

We Suggested Short Trade For BNF Below 18795 For Target s of 18695 and 18576 And BNF Made A Low Of 18630 Before Closing At 18699

Looking At The World Markets Expect 18576 Today

A Move Below 18576 will Take BNF To 18430-18351 First

If We See A Bounce Back Today Or In Next 1-2 Days From These Levels Then 18802-18920 Will Be Strong Resistance Levels For BNF

EOD CHART OF BANK NIFTY :

STOCK IDEAs : We Would Prefer To Watch Todays Close Before Giving Any Pre Market Stock Trades For Futures

Investment Pick : BLUESTARINFO CMP:283 Is Suggested As Short Term Delievery Pick  Also One Can Add More Above 290 For Targets of 299--309

Market View

NIFTY :  As Expected One More Effort Was Made To Cross 8650-8665 Zone But NF Just Made A High of 8548 And There Was A Sharp Reversal

Once Below 8571 There Was SHORT TRADE Opportunity And NF Plunged To Close At 8521 Making A LOW Of 8503

For Today Watch 8571 Again If NF Remains Above It For The First 15 Minutes (SGX NIFTY +45) One Can Try A Long Trade With A Stop At 8548 For A Target of 8600-8619-8648

IF NF Remains Below 8571-8555 At The End First 15 Minute Period 8503 Could be Again Tested And A MOVE Below 8503 will Open up NF Target upto 8460 First

This Hourly Chart Shows NF Is Clearly In A Broad Range Of 8660-8330

There Is A Clear SUPPLY ZONE Established Around 8650 in NIFTY So As Suggested Yesterday We Need A Strong CLOSE Above 8665 For Further Upside

EOD CHART OF NIFTY :

BANK NIFTY :

For BNF 19193-19250 Is The Recent SUPPLY Zone And BNF Can Cross This Zone There Will Be Further Upside Opening up

But Looking At The Last Hour Supply Yesterday It Will Be A Tough Ask Still Markets Can Do Anything So One Can Go Long Above The Zone

In A Non Trending Markets Like This One Must Think Of Opportunities On Both Sides So If BNF Trades Below 18795 First Target For Short Trade Will Be 18695 And Next one Will BE 18576

BNF Supply Zone And Support Trend Line  Can be Seen On its Hourly Chart

Stock Ideas :

AXIS BANK :  One Of The Weakest Hourly Structure Among Private Sector Banks

If Axis Remains Below 576-573 One Can Go Short With A STOP At 581 With First Target Of 565 And Next 555

HeroMotoco:

Heromotoco Looks Good On Chart

Go Long Above 2730 For Targets Of 2762-2780 With A Stop At 2709

INVESTMENT IDEAS :

AARVEEDEN : CMP:72.8 

Buy AARVEEDEN With A Stop At A Close Below 68 For Upside Target OF 80 And 89 And Near Term Future

BLUESTARCO : CMP:373.80

Buy With STOP At Close Below 350 For Target Of 399-445