WEEKLY CHART BOOK FOR THE WEEK 14092015:
NIFTY VIEW :
First Let Us Have A Glance What Happened Last Week
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 And On Friday Again NIFTY Got Resisted At
7878 As NECKLINE Levels Were 7865-7880 And Closed at 7785
Against Our Supports Mentioned Were 7771-7789 That Is The Story
Of Wild Swings Nifty Had During The Week
NIFTY Did Give A Positive Weekly Close But Candle Stick
Pattern Suggests The Recovery Can Be Just A Pause And Yet Again We May See A
Few More Side Ways Days Before A New Down Leg Gets Initiated
Looking At INTRADAY Charts There Is Still A Possible
''INVERTED HEAD & SHOULDER'' Pattern Developing But The POSITIVE Structure
Seems To Have Weakened With Last Half An Hour Sell Off On Friday
A Very Important Support For The Week is 7700 And 7661 But A
Move Back To 7700 Or Below In First Few Days Of Week Will Completely Erase The
Positive H&S Pattern On Intraday Charts
But Somehow If On Monday It Self NIFTY Moves Beyond
7880-7904 A Smart Rally Can Be On The Cards Again
For The Medium Term The Neckline Drawn On The Attached
Weekly Chart Is The KEY RESISTANCE Line For NIFTY To Be Watched
BANKNIFTY :
BNF Was Supposed To Move Higher On Provided It Could Cross
16800 And In The Morning Itself BNF Touched 16798 And Remained Below It For The
Whole Day
On Intraday Charts The POSITIVE Structure Seems To Have
Weakened But An HOURLY CLOSE Above 16800 Can Once Again Take BANKNIFTY To
Higher Levels Like 17082
Watch Supports At 16500 And 16419
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