WEEKLY CHART BOOK

TECHNICAL VIEW FOR THE WEEK 19102015:

NIFTY:

A Highlighted Sentence In My Last Weekly Chart Book Was This '' A Short Term Down Move Or A Sideways Move Is Expected If NIFTY Trades Below 8139 ''

Last Week From Monday Itself NF Closed Below 8139 And We Witnessed THREE Days Of Short Term Down /Sideways Move Around 8093-8150

NIFTY EOD 161015:

Thursday Onwards I Suggested Buying  Above Levels Like 8155 And On 16th I Raised My STOP To 8139 And NIFTY Made A Low Of 8146 And Took A Sharp U-TURN To Close At 8238

NF Closed Above 8242 And BNF Too Closed Above 17821 Are Good Signs For Bulls

For The NEXT Week 8139-8092 Zone Remains Very Strong Support Zone And  8273-8315-8328 Are Possible Up Side Targets

Around 8300-8400 Zone We Have PLENTY OF RESISTANCES So Caution Is Advised For LONGS In And Around This Price Zone

Expect A Spike High And Short Term Trend Reversal From This Zone

If NIFTY Reaches Above 8315 Then The Earlier Resistance Of Around 8242 Should Support Any Down Move And This SUPPORT Not Working As Support Will Be The First Warning Bells

TECHNICAL VIEW OF NIFTY AS ON WEEKLY CHART:

The Chart  Posted Below Has The Same Comment Since A Few Weeks

The BROADENING PATTERN Was Clearly Identified Having Supports Around 7600-7500 Zone And The Up Move Too Was Well Anticipated And Now We Are On The Verge Of Targets Around 8321

The Weekly Closing Candle Can Be Described As A '' DOJI '' Or Even As A '' HANGING MAN '' Pattern Which Suggests That The LOWER SHADOW Of Last Week Will Be Critical Support For Next Couple Of Weeks

A Weekly Close Below 8139-8093 Will Be STRONGLY BEARISH From Now Onwards

WEEKLY NIFTY CHART:

BANK NIFTY:

In Last Weekly Chart Book 17480-17401 Was Shown As Support Below Which One Would Have Expected A Significant Down Move

Only On One Day BNF Did Make A LOW Of 17500 And Then From Thursday Onwards Buying Was Suggested Above 17680 With Targets Of 17821 And 18000-18075

BNF High On 15th Was Precise 17821 And Once Above It On 16th BNF Touched 18006 Meeting One Important Target

18211 And 18326 Are Two Very Important Targets And Resistance Levels For BANK NIFTY

Watch Out For Price Action In This Zone Next Week

EOD CHART BANK NIFTY:

A WEEKLY CLOSE Below 17434-17216 For BANK NIFTY And 17480-17150 For BNF Will Be TREND REVERSAL For Both Of Them

Around 17200-17400 There Are Some Resistances So EXPECT Some Selling Pressure There

WEEKLY CHART BANK NIFTY: