WEEKLY CHARTBOOK : NIFTY & BANKNIFTY TECHNICAL VIEW

TECHNICAL VIEW OF NIFTY & BANKNIFTY FOR THE WEEK 21092015:

NIFTY:

TRENDS

LONG TERM: UP

MEDIUM TERM: DOWN

SHORT TERM: UP

One Can See How We Have Described The Present Move In Our Market TREND Wise

It Has Been A Mixed Bag As NIFTY Has Crossed Some Short Term Resistance Levels The SHORT TERM Trend Is Up But On The Weekly Charts The Medium Term Trend Will Remain Down Unless We Have A Strong Close Above 8300-8330 Zone

While LONG TERM TREND Remains Clearly Up

On 8th September When NIFTY Closed Above 7623 I Had Initiated Upper Targets Of 7865-7966-8092 As NIFTY Continued To Show Some Strength On Day To Day Basis

On 18th NIFTY Closed Above 7966 But Could Manage A HIGH Of 8055 Before Closing Way Below 8055

There Was GAP UP Opening Which Is BULLISH But The CANDLE FORMATION At The EOD Is A SHOOTING STAR Which Is A Probable REVERSAL PATTERN

7967-7913 Is The BULLISH GAP Zone So A CLOSE Below 7913 In Next Couple Of Days Will Be REVERSAL Of The Short Term Trend

NIFTY EOD 180915:

Since We Have Seen A 500 Point Rally From The BOTTOM At 7539 To 8055 There Will Be A Possibility Of A HIGHER BOTTOM Formation On Daily Charts One Can Not Say That By CLOSING Below 7913 NIFTY Will Again Resume The Down Trend

7854 And 7793 Will Be Possible First Targets If NIFTY Closes Below 7913

Looking At The WEEKLY CHART Of NIFTY One Can See That There is A Candle Reversal Pattern Called A MORNING STAR

But Since We Do Not Have A HIGHER TOP-HIGHER BOTTOM Formation On Daily Chart I Believe That EVEN IF We Have Strong Bottom In Place At 7539 We Should Have A DOUBLE BOTTOM Kind Of PRICE PATTERN With DOUBLE CANDLE REVERSAL Pattern On WEEKLY Chart In A 2/3 Weeks Time

There Is Surely A Probable Fresh Leg Of Down Ward Move Possible If The World Markets Continues To Remain Weak As They Are Right Now

Tried To Show A Probable Move On This Weekly Chart

WEEKLY CHART NIFTY 180915:

BANKNIFTY :

I Had Given Targets Of 17088-17291 For BANKNIFTY In Nearly All My Technical Reports On BANKNIFTY During Last 8-10 Days

Even Earlier When Our First TARGET For BNF Was 16100 On The Down Side I Had Clear Comment On ALL Charts Of BANKNIFTY That We Will See A Strong Bounce Back From Around 16100

One Must Read Comments On This Chart Published On 2nd September When Bears Were In Full Control

BANKNIFTY CHART POSTED ON 020915:

And Here Is The Updated Chart Of BANKNIFTY

As One Can See This EOD Chart Of BANKNIFTY That 17492 Was Our 2Nd Target On The Upside Which Was 50% Retracement Of The Down Move

One Must Watch The BULLISH GAP 17156-17015 On Closing Basis Because If BANKNIFTY Closes Below 17015 It May Test Supports At 16681-16518 As SHORT TERM Down Side Targets

EOD BANKNIFTY 180915:

An EOD Close Below 16670 Will Be Very Negative For The BNF