WEEKLY CHART BOOK 28122015

TECHNICAL ANALYSIS Of NIFTY & BANK NIFTY For The WEEK 28122015:

NIFTY:

After A Big Down Move In August-2015 We Had Seen Three Counter Rallies One From 7539 To 8338 Second From 7700 To 8000 And The Third Again From 7551

In My Opinion This 300+ NIFTY Up Move Can Be The First Leg Of A New Bull Wave

There Are IFs And BUTs And We May Have Better Clue By Next Week Or Maximum By Next Fortnight As Every Thing Depends Upon The Correction Of The Recent Up Move Which Is Due Any Time

We Will Have A Firm HIGHER BOTTOM Against The Previous Low Of 7551 After We Can Have A Temporary TOP May Be Around 8000

And The PROCESS Of The HIGHER BOTTOM Formation Will Decide If We Are Already In A NEW BULL Wave Or Not

Watch Levels On Each Day Suggested Here To Have A Better View On The Markets

NIFTY EOD:

We Have A GAP At 7912 In NIFTY So A CLOSE Above 7912 Early NEXT WEEK Will Take NIFTY Towards 7934-7980 First And I Expect A Correction Again

If NIFTY Really Reaches 7980 Then The Correction From There Will Be An ALL IMPORTANT Move To Watch

If Correction Remains SLOW & MILD It Will Present A Great Buying Opportunity

If SEVERE & SPEEDY We Will Analyze It Accordingly

On The WEEKLY Charts The 'PIERCING LINE 'Candle Reversal Pattern Has Done The Trick And A WEEKLY CLOSE Above 8034 Will Put NIFTY In A Strong Bullish Move

On Intraday Charts There Was Some Base Formation Around 7850 Which Was Broken For A While On Thursday And Recovered Smartly Again Above 7850

So A CLOSE Below 7830 Any Day Will Also Initiate A Corrective Down Move Again

BANK NIFTY:

In My Last Weekly Report I Observed That BANK NIFTY Did Not Move With As Much Strength As NIFTY Had But During Last Week BANK NIFTY Too Crossed Some Important Hurdle At 16600 And Has A Good Weekly Close Above 16600

The LONG TERM Trend line Which Was Earlier Broken On Weekly Charts But Last Week BANK NIFTY Gave A Close ABOVE This Trend Line Suggesting The BREAK Was A False One

17034-17142 Are Two Up Side Targets First

A CLOSE Below 16730 Should Be Considered Weak For BANK NIFTY

EOD BANK NIFTY:

WEEKLY BANK NIFTY: