WEEKLY CHART BOOK

TECHNICAL VIEW OF NIFTY & BANKNIFTY FOR THE WEEK 12102015:

NIFTY:

Two Weeks Back When NIFTY Was Struggling Around 7900 I Wrote Here That We Will Have A Down Move Which Will Be A HIGHER BOTTOM And I Had also Clearly Shown The Possibility Of An Inverted HEAD & SHOULDER On EOD Charts With Targets Of 8273-8315

In Next Technical Views I Initiated Raising My STOP & REVERSE Levels To 7700 ,7800 ,7900 And Then 8105 All On Closing Basis This Way A Smart Reader Could Have Easily Ride This Up Move As NF Made A High Of 8248 On 8th October

8105 Remains Our STOP & REVERSE For Positional Traders But If We Have Close Below 8105 The Short Term Down Move Should Get Support At The NECKLINE Which Will Have A Value Around 8000 Next Week

I Had Suggested A Resistance At 8242 Which Was A 127.2% Of A Down Leg And NIFTY Made A High Of 8239 On Friday Before Closing At 8189 So Traders Should Expect Further Up Move If NIFTY Can Give An Hourly Close Above 8242

A Short Term Down Move Or A Sideways Move Is Expected If NIFTY Trades Below 8139

EOD CHART NIFTY 091015:

UPDATED WEEKLY CHART OF NIFTY AS ON 091015:

BANK NIFTY :

BANK NIFTY Has Been In A Spot Of Bother As Compared To NIFTY Which Inched Upwards

Last Four Days Of Week BANK NIFTY Has Moved In A Very Small Range Of 300+ Points In Between 17827-17401

So Expect A Big Day For BNF Very Soon

EOD CHART OF BANK NIFTY:

As We Watch Weekly Chart Of BANK NIFTY There Are A Lot Of Resistance Lines Around 18000+ Level So We Can Expect Some Corrective own Move If BNF Actually Reaches Some Where Around 18000 Next Week

A CLOSE Below 17480-17401 Will Initiate A Down Move For BNF So Please Do Watch This Zone Of Support For The Next Week

WEEKLY CHART OF BANK NIFTY: