Monday, November 30, 2015

WEEKLY CHART BOOK 30112015

TECHNICAL VIEW FOR THE WEEK 30112015:

NIFTY:

Technically Last Two Trading Days Made The Week End Candle Looks Very Strong
On The CLOSING Basis After Such A Good Weekly Close NIFTY Seems To Have Nearly Similar Pattern Like A DOUBLE BOTTOM
A Short Term Double Bottom At 7700 And A Medium Term Double Bottom At 7655 And 7730
The Medium Term Structure Looks Like This

WEEKLY  NIFTY:



It Is Much Better In BANK NIFTY As A HIGHER BOTTOM
For The Next Week 8034 Remains The Level From Where Some Supply May Resume But NIFTY Manages A WEEKLY CLOSE Above 8034 We May Sell Levels Like 8109-8217
7812 And The SUPPORT TRENDLINE Shown On This EOD NIFTY Chart Are New STOP & REVERSE For Bullish Trades
And If We Have A Weekly Close Above 8119 We Will Resume A New Bullish Trend
EOD NIFTY:




FOR MONDAY:

NF Has Supports At 7936-7914 And Some Resistance At 7987
Day Traders Can Go Short BELOW 7936 With A STOP At 7953 And Targets Of 7936-7914

BANK NIFTY :

In My Last Weekly Chart Book I Wrote This For BANKNIFTY
'' 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''

The HIGHER BOTTOM Possibility Seems To Be Working With A Nice Weekly Close
For The Coming Week 17300-17250 Are KEY SUPPORT Levels And BNF Should Remain Above Them On CLOSING Basis To Maintain The Positive Structure

A Good And Strong Close Above 17500 Will OPEN UP Further Up Side For BANK NIFTY
If We Get Two CONSECUTIVE CLOSE Below 16931 All The BULLISH Possibilities Will Get Negated
Probabilities Are Very HIGH In Favour Of BULLs But 16931 Can Be The STOP For BANK NIFTY

EOD BANK NIFTY:


On Friday Itself In My Pre Market Technical View I Suggested A BIG Day Was Due For BNF And We Did See A STRONG Bullish Day
To Continue The Trend A STRONG Close Above 17500 Will Take BNF Towards 17900 Easily





Thursday, November 26, 2015

TECHNICAL VIEW 26112015

TECHNICAL VIEW FOR 26112015:
NIFTY:
Such A Tight Range Of Nifty Make It Extremely Difficult To Predict The Next Move
Selling Pressure Continues When Ever NIFTY Tries To CROSS 7870-7880 Zone But Still Bears Are Unable To Breach 7819 DECISIVELY
There Was A Panic Low Of 7807 But NF Quickly Started Trading Above 7819
We Will Have A Big Day Soon
Go Long On An Hourly Close Above 7880 And Go Short On A 15 Minute Close Below 7806
Settlement Day Can Be Volatile So If After Closing Below 7806 NF Trades Above 7837 Another Turn Around Will Be Possible

BANKNIFTY:
17120 And 16960 Has Been The TRADING RANGE For BNF
We Rarely See Such A Small Range For BNF So Expect A 500-700 BNF Move Very Soon
The Last Few Days PRICE STRUCTURE For BANK NIFTY On EOD Chart Can Confuse Any One And A Positional Trader Must Wait For A Decisive Close At Least On An Hourly Basis
A 15 Minute CLOSE Below 16960 Will Be Enough For BNF To Drag Down To Around 16870-16810 Levels
While For The Up Side BNF Should Trade Above 17122 For A Possible 100-150 Points Up Move


Tuesday, November 24, 2015

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:



Sunday, November 22, 2015

What #MODISARKAR Achieved In 18 Months ?

FOR MODI HATERS. FULL MEAL FOR TUMMY FULL.
READ TILL END.
ONE YEAR MODI GOVERMENTS ACHIVEMENTS
V/S
57 YEAR'S CONGRESS GOVERMENTS ACHIEVEMENTS...
A STUDY...!
1. Jawahar Lal Nehru - 16 years 286 days
2. Indira Gandhi - 15 years 91 days
3. Rajiv Gandhi - 5 years 32 days
4. Narasimha Rao - 4 years 11 months
5. Manmohan Singh - 10 years 4 days
In total 57 years, 2months- Congress ruled india & could not get "
Achche din" and we now expect achche din
in 12 months. One can conclude that we were fools then & now we are impatient. 
We have elected a prime minister not a
magician !!
Narendra Modi's effect of making more foreign
visits ?
A).. Barack Obama and China supports
India's bid for permanent UNSC seat.

B).. $35 billion investment by Japan over a
period of 5 years and along with it their
expertise in making bullet trains.

C).. Australia is set to sign a Nuclear Power
deal with India to supply around 500 tonnes
of Uranium to India.

D).. Satya Nadella (Microsoft), Indra Nooyi
(Pepsico), Sheryl Sandberg (Facebook), Jeff
Bezos (Amazon), Mark Zuckerberg
(Facebook) discusses possible investments.

E).. Israel inks $5 million deal for Joint
Educational Research programme.

F).. $20 billion investment from Xi and his
Chinese counterparts.

G).. 2 billion Euros support from France for
sustainable development in India.

H).. Airbus to increase outsourcing in India
from 400 million euros to 2 billion euros over
the next five years.

I).. French National Railways has agreed to
co-finance an execution study for a semi-
high speed project on upgradation of the
Delhi-Chandigarh line to 200 kmph.
J).. Canada agrees to supply 3,000 metric
tonnes of uranium to India from this year to
power Indian atomic reactors.
--
While we are all yearning for a
transformation, development, etc. There is
someone who is actually setting up the
infrastructure for it.
--
Marketing of 'Brand India' has never been so
important !!!
--
Number of days Modi stayed abroad touring
15 countries as a PM on official trips = 45days
-
Number of days Rahul stayed abroad (Bangkok) & spent supporters money
without informing his voters = 57days
--
Let's be sensible to analysis & make a
judgment that who spent peoples money & who brought money to India.
--
1 year of Modi Govt NO Scam or waste of peoples money

Can some one ask Congress- whose GOVT
was in power when below most of scams
were happening ? How many are punished
by Congress during their regime ?
List of CONGRESS SCAMS ?
2013 - VVIP Chopper Scam
2012 - Coal Mining scandal - INR 1,070,000
crore
2012 - Karnataka Wakf Board Land scam -
INR 200,000 crore
2012 - Andhra Pradesh land scandal - INR
100,000 crore
2012 - Service Tax and Central Excise Duty
scam - INR 19,159 crore
2012- PSU financial irregularities -
INR 17,000 crore
2012 - Maharashtra stamp duty scandal -
INR 640 crore
2012 - Ministry of External Affairs gift
scandal
2012 - Himachal Pradesh pulse scandal
2012 - Flying Club fraud - INR 190 crore
2012 - Jammu and Kashmir PHE scandal
2012 - Jammu and Kashmir recruitment
scandal
2012 - Jammu and Kashmir examgate
2012 - Jammu and Kashmir Cricket
Association scandal - Approximately INR 50
crore
2012 - Andhra Pradesh liquor scandal
2011 - UP NRHM scandal - INR 10,000 crore
2011 - ISRO's S-band scam
2011 - KG Basin Oil scam
2011 - Goa mining scam
2011 - Bellary mining scam
2011 - Bruhat Bengaluru Mahanagara Palike
scam - INR 3,207 crore
2011 - Himachal Pradesh HIMUDA housing
scam
2011 - Pune housing scam
2011 - Pune land scam
2011 - Orissa pulse scam - INR 700 crore
2011 - Kerala investment scam - INR 1,000
crore
2011 - Maharashtra education scam - INR
1,000 crore
2011 - Mumbai Sales Tax fraud - INR 1,000
crore
2011 - Uttar Pradesh TET scam
2011 - Uttar Pradesh MGNREGA scam
2011 - Orissa MGNREGA scam
2011 - Indian Air Force land scam
2011 - Tatra scam - INR 750 crore
2011 - Bihar Solar lamp scam - INR 40 crore
2011 - BL Kashyap - EPFO scam - INR 169
crore
2011 - Stamp Paper scam - INR 2.34 crore
2010 - 2G spectrum scam and Radia tapes
controversy
2010 - Adarsh Housing Society scam
2010 - Commonwealth Games scam
2010 - Uttar Pradesh food grain scam
2010 - LIC housing loan scam
2010 - Belekeri port scam
2010 - Andhra Pradesh Emmar scam - INR
2,500 crore
2010 - Madhya Pradesh MGNREGA scam -
INR 9 crore
2010 - Jharkhand MGNREGA scam
2010 - Indian Premier League scandal
2010 - Karnataka housing board scam
2009 - Madhu Koda mining scam
2009 - Goa's Special Economic Zone (SEZ)
scam
2009 - Rice export scam - INR 2,500 crore
2009 - Orissa mining scam - INR 7,000 crore
2009 - Sukhna land scam - Darjeeling
2009 - Vasundhara Raje land scam
2009 - Austral Coke scam - INR 1,000 crore
2008 - Cash for Vote Scandal
2008 - Hasan Ali black money controversy
2008 - The Satyam scam
2008 - State Bank of Saurashtra scam - INR
95 crore
2008 - Army ration pilferage scam - INR
5,000 crore
2008 - Jharkhand medical equipment scam -
INR 130 crore
2006 - Kerala ice cream parlour sex scandal
2006 - Scorpene Deal scam
2006 - Navy War Room Spy Scandal
2006 - Punjab city centre project scam - INR
1,500 crore
2005 - IPO scam
2005 - Oil for food scam
2005 - Bihar flood relief scam - INR 17 crore
2004 - Gegong Apang PDS scam
2003 - Taj corridor scandal
2003 - HUDCO scam
2002 - Stamp paper scam - INR 20,000 crore
2002 - Provident Fund (PF) scam
2001 - Ketan Parekh securities scam
2001 - Barak Missile scandal
2001 - Calcutta Stock Exchange scam
2000 - India-South Africa match fixing scam
2000 - UTI scandal - INR 32 crore
1997 - Cobbler scandal
1996 - Hawala scandal
1996 - Bihar land scam - INR 400 crore
1996 - SNC lavalin power project scandal -
INR 374 crore
1996 - Bihar fodder scandal - INR 950 crore
1996 - Sukh Ram telecom equipment scam
1996 - C R Bhansali scandal - INR 1100 crore
1996 - Fertiliser import scandal - INR 133
crore
1995 - Purulia arms drop case
1995 - Meghalya forest scam - INR 300 crore
1995 - Preferential allotment scandal - INR
5,000 crore
1995 - Yugoslav Dinar scandal - INR 400
crore
1994 - Sugar import scandal
1992 - Harshad Mehta securities scandal -
INR 5,000 crore
1992 - Palmolein Oil Import Scandal, Kerala
1992 - Indian Bank scam - INR 1,300 crore
1990 - Airbus scam
1989 - St Kitts forgery
1987 - Bofors Scam
1981 - Cement Scandal including A R
Antulay - INR 30 crore
1976 - Kuo oil scam - INR2.2 crore
1974 - Maruti scam
1971 - Nagarwala scam - INR 60 lakh
1965 - Kaling tubes scam
1964 - Pratap Singh Kairon scandal
1962 - National Defense Fund (during
Chinese War)
1960 - Teja loan scam - INR 22 crore
1958 - The Mundhra scam - INR 1.2 crore
1956 - BHU funds misuse - INR 50 lakh
1951 - Cycle import scandal
1948 - Jeep scam - INR 80 lakh
1947 - INA Treasure Scam (transported from
Japan to India, and got
-
Congress minsters have literally robbed we Indians
& now Congress men are asking when Modi is bring back the black money from foreign banks.
What an irony.....!!!!
But Indian citizens are better informed & well educated now. They know what is right...
Please share with all. Jai Hind.


Monday, November 16, 2015

WEEKLY CHART BOOK

TECHNICAL VIEW FOR THE WEEK 16112015:

NIFTY:

NIFTY Continued To Move Down Wards Proving A Clear Indication Given Here Correct
I Wrote Once NIFTY Breached The All Important Trend line That 7900-7700 Will Come Very Soon
7700 Can Give Some Support Especially Considering Oversold Indicators On Both Weekly And Daily Charts

7937 Becomes A Very Important Level For Next Week

Some Smart Recovery Will Be Seen If NIFTY Manages A CLOSE Above 7937



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

Monday, November 9, 2015

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:











Friday, November 6, 2015

MARKET VIEW

TECHNICAL VIEW 06112015:
NIFTY:
I Suggested 8051 Could Give Some Support But Buying Was Advised ONLY ABOVE 8071 And A Short Sell Was Due Below 8049 With Targets Of 8020-7996 And Both Were Reached
On A Note How These Levels Can Be Used One May Have Observed That Below 8049 NF First Reached 8010 And Bounced Back  Up To 8052 Only To Tank Below 7996 It Shows How 8051 Worked As Resistance Once NF Went Below It
7996 Was Also Broken On CLOSING Basis And 7930 Was Our Target As NIFTY Closed At 7955
For NF I Have Observed That Two Different Fibonacci Levels Does Match At 7946 So If NF Moves Down To 7946 EXPECT A Corrective Bounce Back
A FIFTEEN Minute Close Above 8015 Can Push NF Up To 8049 Again
For One More Short Term Twist In The Trend NIFTY Needs To CLOSE Above 8031
NIFTY EOD:
BANK NIFTY:
There Was Nothing TECHNICALY POSITIVE In Last Few Days BANK NIFTY Move
That Was The Reason I Said BANK NIFTY Looks Weak On EOD Charts
On A Weak Closing BANK NIFTY Closed At 17995 And Down Side Targets /Supports Of 16800-16648 Are Still Open
A Smart CLOSE Above 17200 Is Required For Some Hope Based Short Term TREND REVERSAL
Even For Day Traders If BNF Moves Above 17200 There Will Be A Possible Up Side Up To 17340
A Major Positive Break Out Will Happen For BANK NIFTY Only If It Closes Above 16466
BANK NIFTY EOD:


Wednesday, November 4, 2015

TECHNICAL VIEW FOR 04112015:
NIFTY:

NIFTY Opened At 8086 Made A HIGH Of 8100 And CLOSED Back At 8060
I Had Suggested 8088-8100 As The First Resistance Zone
Watch 8100 For NIFTY In The First 15 Minutes Of Trades If Markets Opens Higher On The Back Of Global Cues
If NIFTY Sustains Above 8100 (NF Above 8129) Then We May See Levels Like 8130-8166 And NF Can Attempt At 8144-8183
8000 Remains Important Support For Now
NIFTY EOD:





BANKNIFTY :
BNF Should Sustain Above 17460-17508 For FIRST 15 Minutes Of Trades Today To Have Further Upside
A Decisive Close Is Required Above 17565 To Possibly Resume A New Uptrend
A CLOSE Below 17320-17200 Will Surely OPEN UP Further Down Side
BANK NIFTY:


Monday, November 2, 2015

WEEKLY CHART BOOK 021115

TECHNICAL VIEW FOR THE WEEK AHEAD 02112015:
NIFTY:
Plenty Of Resistance Around 8328 And Then A CLOSE Below 8246 Which Was Needed For A Down Move
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
If The Last Week Move From 8333 To 8065 Is ONLY A CORRECTIVE NIFTY Should Find Some Support At 8000 Around And We Will See A Bounce Back And This BOUNCE BACK Will Guide Us For NEXT Few Weeks
If The Supposed Bounce STOPs Below 8217 NIFTY Will Move Down Towards 7900-7700 Range And A CLOSE ABOVE 8217 Will Initiate A NEW Leg OF Up Move
So 8217 Becomes A MAJOR Trend Decider
Please Note That Once Below 8280-8246 Down Ward Targets Of 8209-8136-8076 Were Given In My Daily MARKET VIEWs
EOD NIFTY CHART:





WEEKLY NIFTY:

BANK NIFTY:
BANK NIFTY Failed To CLOSE Above 18000-18075 And So Missed My Upper Targets Of 18211-18326
A Close Below The SUPPORT Trend line And Below 17565 Happened And BNF Did Meet My First Down Target Of 17200
BEARISH ENGULFING Candle Pattern Is Visible On BANK NIFTY Weekly Charts Too
In The New Week A  CLOSE Below 17170 Will Take This INDEX To Lower Levels Like 16900-16670 From Where We Will See Some Upmove
And A CLOSE Above 17565 And Then Above 17700 May Resume The UP Trend Again
WEEKLY BANK NIFTY CHART: