WEEKLY CHART BOOK

TECHNICAL VIEW FOR THE WEEK 07122015:

NIFTY:

8000 Was My First Target For NIFTY And Due To High Premium In November NF Before The Crash NF Did Touch 8000 But NIFTY Missed It By Some 28 Points

I Wrote A Few Weeks Back When Some Strength Was Observed That Selling Will Resume From Around 8000 And The Same Has Happened

Two DOJI STARs And A Big BEARISH Candle Signaled The Down Move And Below 7956-7934 I Had Suggested Down Side Targets Too

The Recent Fall Has Come Up With BEARISH GAPs Which Will Make It Tougher For The Bulls To Fight Back

I Had Presented The Following Chart Before The Start Of The Fresh Down Move Where I Suggested 8000 As A Strong Resistance And New Bull Move ONLY ABOVE 8817

EOD NIFTY :

As Can Be Seen STOPs At 7879 & 7812 Are Triggered But Some Support Seen At The Short Term TREND LINE

Here Is The Updated Chart

7853 Is The LEVEL To Watch For Any Up Side For The Next Week

NIFTY As On WEEKLY CHART :

For NIFTY I Have Been Presenting A BROADENING PATTERN Since Last Few Months And Around 8300 NIFTY Got Resisted @Its Upper End Also At The Low Of 7539 NIFTY Got Support At The LOWER END Of The Same Pattern

In The Fall From 8300 As NIFTY Came Down Twice To 7700/7726 As I Found Some Strength Targets Of Up To 8034 Were Suggested But I High Lighted This Comment In My WEEKLY CHART BOOK Dated 23112015

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

As On Today Again Both Trends Remains Down Only

On A Note Of Caution If NIFTY Remains Below 7853-7880 For Next Couple Of Days And Then BREAKS BELOW 7700 We Will Not See 7539 Working As Support In A Big Way

BANK NIFTY:

BANK NIFTY Had A BETTER Up Move As It Met Target Of 16600 And Did Not Move Much Down When NIFTY Moved To 7726 Twice And So BANK NIFTY Moved Up To Reach The Target Of 17500 Nicely

But I Clearly Suggested That Any FURTHER Up Side Was POSSIBLE Only If BANK NIFTY Can Close Above 17500

Twice It Touched 17500 Around But Could Not CLOSE A Day Above It

Mid Week I Suggested Down Move Below 17262 And BANK NIFTY Too CLOSED The Week Below Important Level Of 17970

For Next Few Days BANK NIFTY Has Strong Resistance At 17100-17219 And A CLOSE ABOVE 17219 Can Again Move Bank Nifty On The Upside

During The Week A CLOSE Below 16600 Will Give Down Side Targets Of 16200-15900

WEEKLY CHART:

EOD BANK NIFTY CHART: