WEEKLY CHART BOOK 30112015

TECHNICAL VIEW FOR THE WEEK 30112015:

NIFTY:

Technically Last Two Trading Days Made The Week End Candle Looks Very Strong

On The CLOSING Basis After Such A Good Weekly Close NIFTY Seems To Have Nearly Similar Pattern Like A DOUBLE BOTTOM

A Short Term Double Bottom At 7700 And A Medium Term Double Bottom At 7655 And 7730

The Medium Term Structure Looks Like This

WEEKLY  NIFTY:

It Is Much Better In BANK NIFTY As A HIGHER BOTTOM

For The Next Week 8034 Remains The Level From Where Some Supply May Resume But NIFTY Manages A WEEKLY CLOSE Above 8034 We May Sell Levels Like 8109-8217

7812 And The SUPPORT TRENDLINE Shown On This EOD NIFTY Chart Are New STOP & REVERSE For Bullish Trades

And If We Have A Weekly Close Above 8119 We Will Resume A New Bullish Trend

EOD NIFTY:

FOR MONDAY:

NF Has Supports At 7936-7914 And Some Resistance At 7987

Day Traders Can Go Short BELOW 7936 With A STOP At 7953 And Targets Of 7936-7914

BANK NIFTY :

In My Last Weekly Chart Book I Wrote This For BANKNIFTY

'' BANK NIFTY Has Just Started Move Better Than NIFTY As NIFTY Nearly Touched 7700 Twice But BANK NIFTY Remained Above 17600 Although The Comparative Level Is 16200

Price Structure Too Looks As If BNF May Have Made A HIGHER BOTTOM But The Problem Poor Weekly Closing''

The HIGHER BOTTOM Possibility Seems To Be Working With A Nice Weekly Close

For The Coming Week 17300-17250 Are KEY SUPPORT Levels And BNF Should Remain Above Them On CLOSING Basis To Maintain The Positive Structure

A Good And Strong Close Above 17500 Will OPEN UP Further Up Side For BANK NIFTY

If We Get Two CONSECUTIVE CLOSE Below 16931 All The BULLISH Possibilities Will Get Negated

Probabilities Are Very HIGH In Favour Of BULLs But 16931 Can Be The STOP For BANK NIFTY

EOD BANK NIFTY:

On Friday Itself In My Pre Market Technical View I Suggested A BIG Day Was Due For BNF And We Did See A STRONG Bullish Day

To Continue The Trend A STRONG Close Above 17500 Will Take BNF Towards 17900 Easily