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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