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