WEEKLY CHART BOOK

TECHNICAL VIEW FOR THE WEEK 09112015:

NIFTY:

Since Last Three Weeks (Even Before NIFTY Touched My TARGET Of 8328) I Started Warning About A DUE Down Side Correction

After Such A Good 800+ NIFTY Up Move NO ONE Can Say That A Severe Crash Is The ONLY Way Ahead ,Initially A Technical Analyst Can Define A Fresh Down Move As A CORRECTION Only

After Understanding The PRICE STRUCTURE On Different Time Frames Only One Can Say How Serious The So Called Correction Can Be

That Is Precisely Why Last Week When NIFTY Broke 8246/8180 I Suggested That There Will Be An Up move From 8000 And That Up Move Will Decide The Future Trends For Next Few Weeks

Here Are A Few Note From Earlier WEEKLY CHARTBOOKs

26102105:

'' As On The Weekly Chart 8315-8328 Were Important Targets Given Here And There Is A STRONG RESISTANCE Too Around 8300 But If We See This WEEKLY NIFTY Chart The Falling TRENDLINE VALUE Can Be Roughly Around 8370 For The Next Week

So At These Levels Caution is Advised For Longs And We Will See Some DOWNWARD Corrective Move Once NIFTY Closes Below 8246''

For BANKNIFTY

" 17500 Around Seems To Be The TREND DECIDER Level For The Medium Term For BNF''

02112015:

'' 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

Here Is The Weekly Chart That I Have Been Posting Nearly EVERY Week Showing The BROADENING PATTERN

NIFTY WEEKLY :

In A Nut Shell

"FROM AROUND BELOW 8400 ,NIFTY WAS PREDICTED TO MOVE DOWN AND 7678-7539 Were TARGETS GIVEN IN MY SUBSEQUENT ARTICLES

 FROM THERE SHOWING THE INVERTED HNS PATTERN WITH INCREASING STOP & REVERSE LEVELS NIFTY TARGETS OF 8315-8328 WERE CLEARLY DEFINED

A CORRECTION WAS SUGGESTED FROM 8328 WELL IN ADVANCE

AND THIS BROADENING PATTERN WAS DRAWN IN 2 MONTHS BACK WORKING NICELY"

Now Let Us Define Current Trends

LONG TERM : UP

MEDIUM TERM: DOWN

SHORT TERM: DOWN

With Bihar Poll Results Going Against The #NAMO Government We Will See A Big Gap Down Move Today

If NIFTY Sustains Below 7874 After The PROBABLE Gap Down Open We May See 7700 Very Soon

Some Corrections Will Come But If We Get 2/3 Consecutive Close Below 7874 Even 7538 Will Be In Danger With A STOP At 8000 Around

If Really There Is A BIG GAP Down Open Today And NIFTY FUTURE Reaches 7856 And DOES NOT BREAK It For First 15 Minutes There Can Be Some Recovery Later On The Day

Below 7856 Today Or Any Day NF Will Reach 7724 And During The Coming If There Is A STRONG BOUNCE Back NF Will Have To CLOSE Above 7856 First

For A While Markets Will Try And Find Out The Actual Implications On Policy Decisions Of #NAMO Government So WORLD EVENTs Will Drive Our Markets And Will Ignore The INDIA Specific Bullish Ness

HOURLY NIFTY FUTURE Chart:

BANK NIFTY:

Below 17565 BANK NIFTY Continued To Drift Slowly But Friday It Found Some Supports Just Below 17000 And It Closed Higher

17200-16800-16680 Were Down Side Targets Given Here Below 17565

If Today We See These LOWER Levels Around 16600 There Can Be Some Recovery But One Can Not Expect A Major Bullish Ness Unless BNF Closes Above 17200

On The WEEKLY CHART Bank Nifty Has A LONG TERM TRENDLINE Support Around 16600

Eventually This Support Too Can Get Broken But Hope Fully BANK NIFTY Will Continue To Move In The Down Ward Chanel For Some More Time

WEEKL CHART BANK NIFTY: