MARKET VIEW

TECHNICAL VIEW 06112015:

NIFTY:

I Suggested 8051 Could Give Some Support But Buying Was Advised ONLY ABOVE 8071 And A Short Sell Was Due Below 8049 With Targets Of 8020-7996 And Both Were Reached

On A Note How These Levels Can Be Used One May Have Observed That Below 8049 NF First Reached 8010 And Bounced Back  Up To 8052 Only To Tank Below 7996 It Shows How 8051 Worked As Resistance Once NF Went Below It

7996 Was Also Broken On CLOSING Basis And 7930 Was Our Target As NIFTY Closed At 7955

For NF I Have Observed That Two Different Fibonacci Levels Does Match At 7946 So If NF Moves Down To 7946 EXPECT A Corrective Bounce Back

A FIFTEEN Minute Close Above 8015 Can Push NF Up To 8049 Again

For One More Short Term Twist In The Trend NIFTY Needs To CLOSE Above 8031

NIFTY EOD:

BANK NIFTY:

There Was Nothing TECHNICALY POSITIVE In Last Few Days BANK NIFTY Move

That Was The Reason I Said BANK NIFTY Looks Weak On EOD Charts

On A Weak Closing BANK NIFTY Closed At 17995 And Down Side Targets /Supports Of 16800-16648 Are Still Open

A Smart CLOSE Above 17200 Is Required For Some Hope Based Short Term TREND REVERSAL

Even For Day Traders If BNF Moves Above 17200 There Will Be A Possible Up Side Up To 17340

A Major Positive Break Out Will Happen For BANK NIFTY Only If It Closes Above 16466

BANK NIFTY EOD: