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