Friday, September 11, 2015

NF-BNF TECHNICAL VIEW 11092015

MARKET VIEW FOR 11092015:
NIFTY:
A Strong Bounce Back From One Target Of 7538 A Big Bullish Gap Up Followed By A Strong Up Move Which Resisted At 7866 Another Day Comes With Big Gap Down Which Fills The Bullish Gap Gets Support At 7700 That Is The Story Of Wild Swings Nifty Has During The Week

All Levels On Either Side Worked Nicely Even In Such A Volatile Move And Since NIFTY Got Support From 7700 Today If NF Can Remain Above 7771-7789 There Will Be Fair Chance Of Nifty Crossing 7865 And Can Touch 7966 Which Is Also Another Bearish Gap

A Short Term Positive INVERTED H&S Pattern is Visible On Intraday Charts
Neckline At 7866-7880 A Volume Spike In Last Half Hour Of Trade Suggests A Possible NF Targets Of 7973 -8102

Also Note How Earlier High-Lows Does Match With Fibonacci Retracements Suggests We Have A Meaningful Bottom In Place
Caution Is Advised Though That If Such A Visible PATTERN Fails There Could Be A Severe Down Side
NIFTY INTRADAY CHART :

BANKNIFTY:

BNF Finally Did Close Above 16604-16670 Once Above 16800 BNF Has A Target Of 17083 And 17484 Too Possible If The Bullish Momentum Continues
16400 Is Now A STOP For Long Position In BNF

Similar To NIFTY Here Too We Can See How A Few Earlier HIGH-LOWs Does Match With Fibonacci Retracement Levels As Shown On This INTRADAY BNF Chart





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