WEEKLY CHART BOOK AND TECHNICAL VIEW FOR 24112015

TECHNICAL VIEW FOR THE WEEK 23112015:

NIFTY:

In My Last Weekly Chart Book The High Light Was This

'' Some Positive Move May Happen If NIFTY Closes An Hour Above 7819 Watch  7819 On EOD Closing Basis Also And If After Closing Above 7819 NIFTY Again Closes Below 7819 We May See Levels Below 7700 Too''

Nifty Did Close Above 7819 Went Up To 7860 Again Closed Back Below 7819 And Touched 7727 Again Luckily Not Breaking 7700

One More Time 7819 Was Crossed And NIFTY Touched 7917 Against My Target Of 7937

For The Coming Week 7819 /7700 On The Down Side And 7937 On The Up Side Will Be TREND DECIDER Levels

We Will See 200-250 Points Move On Breach Of Levels On EITHER SIDE

Both Short And Medium Term Trend Remains Down Unless NIFTY Closes Back Strongly Above 8034

NIFTY EOD 20112015:

As We Look At This Monthly Chart Of NIFTY It is Evident That As The October Month Could Not Give A Positive Close Above 8300 The Bearish Ness Continues Even Though The LONG TERM Trend Remaining Bullish

The BROADENING Pattern Continues To Unfold And A LONG TERM Investor Must Either Wait For NIFTY To Reach The LOWER END Of The Pattern To Invest In A Big Way

NIFTY MONTHLY CHART:

BANK NIFTY View :

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

I Believe That A Close Above 17500 Is Needed For BNF To Show Some Really Bullish Move While A CLOSE Below 16600 Will Be Extremely Bearish

EOD BANKNIFTY :

As One Can See This BANK NIFTY Chart The Short Term Support Trend line Is Very Critical

The Probability Of A HIGHER BOTTOM Will End Once BNF Closes Below This Trend Line

For Day Traders :

BUY NF Above 7871---STOP 7856---Target 7892-7907

SELL NF Below 7817--STOP  7833---Target 7800-7782

buy BNF Above 17155--STOP 17120--TARGET 17200-17240

SELL BNF BELOW 16990--STOP 17035--TARGET 16940-16906

 TECHNICAL VIEW FOR 24112015:

NIFTY:

NIFTY Remained In A Small Range Through The Day

I Expected NF To Reach 7900 If It Trades Above 7871 But NF Touched Only 7880 And Below 7856 NF Went Down But Again Could Not Breach 7819 And Made A LOW Of 7822 And Closed Way Higher

We Have A Holiday Mid Week And Settlement On 26th So NIFTY May Remain Range bound Today Too

7880--7819 Is The TREND DECIDER Zone For Today

If Today We Can Have A CLOSE Above 7900 We May See 8034 On Friday But Again 7819 Must Be Held

NIFTY EOD CHART:

BANK NIFTY:

Since Last Few Days While NF Tasted 7826 One More Time But BNF Has Remained Side Ways Showing A Little More Strength

We Will Soon See A Big Day For BNF And If It Can Continue Trading Above 17050 Either Today Or On 26th BNF Will Give A Strong POSITIVE CLOSE

16960-16920 Is The Support Zone BELOW Which We Will See A BIG DOWN Day

A Weekly Close Above 17360-17500 Will Be EXTREMELY Positive And Will Indicate GST Bill Getting Through Soon

BANK NIFTY EOD: