WEEKLY CHART BOOK 021115

TECHNICAL VIEW FOR THE WEEK AHEAD 02112015:

NIFTY:

Plenty Of Resistance Around 8328 And Then A CLOSE Below 8246 Which Was Needed For A Down Move

The Weekly Close Is EXTREMELY Negative With A Bearish Candlestick Pattern Called ''BEARISH ENGULFING'' Suggests A Sharp Trend Reversal

The Bigger Question Is If The Whole Rally Started From 7538 Has Ended At 8333 Or It Is Just A Corrective And In A New Up Move Nifty Will Cross 8333

Difficult To Call It ONLY A CORRECTION And Most Probably NIFTY Is To Continue Moving In A BROADENING PATTETN Meaning Even 7538 Too Is In Danger

If The Last Week Move From 8333 To 8065 Is ONLY A CORRECTIVE NIFTY Should Find Some Support At 8000 Around And We Will See A Bounce Back And This BOUNCE BACK Will Guide Us For NEXT Few Weeks

If The Supposed Bounce STOPs Below 8217 NIFTY Will Move Down Towards 7900-7700 Range And A CLOSE ABOVE 8217 Will Initiate A NEW Leg OF Up Move

So 8217 Becomes A MAJOR Trend Decider

Please Note That Once Below 8280-8246 Down Ward Targets Of 8209-8136-8076 Were Given In My Daily MARKET VIEWs

EOD NIFTY CHART:

WEEKLY NIFTY:

BANK NIFTY:

BANK NIFTY Failed To CLOSE Above 18000-18075 And So Missed My Upper Targets Of 18211-18326

A Close Below The SUPPORT Trend line And Below 17565 Happened And BNF Did Meet My First Down Target Of 17200

BEARISH ENGULFING Candle Pattern Is Visible On BANK NIFTY Weekly Charts Too

In The New Week A  CLOSE Below 17170 Will Take This INDEX To Lower Levels Like 16900-16670 From Where We Will See Some Upmove

And A CLOSE Above 17565 And Then Above 17700 May Resume The UP Trend Again

WEEKLY BANK NIFTY CHART: