WEEKLY CHART BOOK

TECHNICAL VIEW FOR THE WEEK 14122015:

NIFTY:

I Had Very Categorically Defined The SHORT & MEDIUM Term TRENDs As DOWN And As NIFTY Was Unable To CROSS & CLOSE Above 8000-8034 Selling Pressure Was Very Well Anticipated

I Had Clearly Said The One Should Not Get Surprised If NIFTY Can Reach 7610-7554 Without Having Any Bounce There Was One Day Recovery From 7610 But As NIFTY FUTUREs Could Not Cross 7725 And Moved Back Below 7678 The Hope Based Rally Shattered Away

Be Warned Again As NOW We Really May See A FREE FALL Kind Of A Situation

Clearly Volumes Have Dried Up And BUY LOW-SELL HIGH Kind Of Traders Showing No Interest Once Below 7554-7530 NIFTY May Well Witness A FREE FALL On Any Day

7725 Is The NF Level To Watch For Whole Next Week For Any Meaning Full Recovery In Markets

7539-7554 Are Two Levels To Watch For Today And Tomorrow As 7539 Was NIFTY Low For August We May See Some INTRADAY Bounce Back From There

CLOSING A Five Minute Candle Back Above 7610 After Touching 7554-7539 Can Produce Some More INTRA Day Rallies But It Will Be Difficult To Close A Day Above 7703

It  Is A Week Of Big News From FED Markets Will Be Volatile

If 7554-7539 Can Not Give Much Support And NIFTY Continues To Fall There Is A Great Fibonacci Setup Around 7331-7296-7278 Zone Which Becomes The Next Target Zone Below 7539

NIFTY FIBONACCI SET UP:

For The WEEKLY Picture  A Weekly Close Above 7771 In Next Couple Of Weeks Can Change The Trend On Short Term Basis

Else We Will Have A Series Of LOWER TOP-LOWER BOTTOM Formation On Charts

WEEKLY NIFTY:

This EOD NIFTY Chart Was Posted A Few Weeks Back

BANK NIFTY:

NIFTY Bounced Back From 7610 And NF Crossed And Closed Above 7678-7696 Zone So I Was Compelled To Give Upper Targets  Of 7760-7803 ONLY Above 7725 Luckily NF Could NOT Cross 7725 And BANK NIFTY Was The Culprit For Fridays Strongly Negative Close

BANK NIFTY Could Not Cross Any Up Side Resistance And Nearly Met My Target Of 16200 Below 16600 As It Made A LOW Of 16260

An Hourly Close Below 16200 Will Bring BANK NIFTY To 16046 As One Target & Support

BANK NIFTY Is Clearly Heading Towards New Lows And Even 15800 Is Possible Very Soon

We Will Watch How It Behaves Around There But This Recent Down Wave Seems Very Relentless And We May See Levels Like 14900-14300 As Well

BANK NIFTY EOD CHART:

THE WEEKLY PICTURE:

BANK NIFTY Has BROKEN The Rising Trend Line Which Connects AUG 13 And FEB 14 Lows On WEEKLY Chart

This Suggests That IF We Do Not See A STRONG Weekly Closing Above 17039 In Next Couple Of Weeks BANK NIFTY Is Bound To Reach The LOWER END Of The CHANNEL Drawn On The Weekly Chart

WEEKLY BANK NIFTY: