TECHNICAL VIEW FOR THE WEEK 18012016:

TECHNICAL VIEW FOR THE WEEK 18012016:

NIFTY:

First Let Us Have A Look At The Week Gone By:

On Friday My View Was Positive & Hoping For A Relief Rally BUT Only Above Certain Levels And Neither NIFTY Nor BANK NIFTY Was Able To CROSS My Levels And The TREND Continued

TWO Long Shadows At 7430-7452 For NF Prompted Me To Have A View Of A SHORT TERM BOTTOM Formation But As I Have Been Consistent That There Must Be A FOLLOW UP Bullish Candle To Confirm Bottom Which Did Not Happen

What Now ?

NF Yet To Close Below 7430 But The STRUCTURE Seems Negative Again As NIFTY/NF Just Managed To Close At Previous TOW DAYs LOWs

Unless NIFTY Again Manages A CLOSE Above 7551 / NF Above 7561 There Will Be Selling Pressure At Every Rise

An EOD Close Above 7617 For NF Can Bring In Some HOPE Based Rally During The Coming Week

Down Side Targets Of 7330-7280-7141-7108 Are Open

The 7330-7280 Price Zone Is A CRUCIAL SUPPORT Zone So Before A Final Plunge NF Should See Some Support At 7330-7280

BANK NIFTY:

I Had A View That Above 15689 There Was A Possible Relief Rally But BNF Could Not Reach There And Again Once Below 15450 My Target Of 15200 Was Met Very Quickly

A CLOSE (Hourly Close For Today) On EOD Basis During The Week Above 15689 Can Bring In Some Relief Rally Else Fresh Selling Will Resume Taking BNF Below 15000 Very Soon

TECHNICAL VIEW FOR 20012016:

NIFTY:

NF Did Manage To Cross 7422 And Went Up To 7474 In An Intraday Rally But Could Not CLOSE Above 7460

It Seems To Be JUST A PAUSE After Very Heavy Selling Pressure And If NF Manages To Sustain Above 7407 Especially For The 1st Hour Of Trades It Can Again TRY To CROSS 7460

On A CLOSE Above 7460 We May See 7498 And 7551 In Coming Days

A CLOSE Below 7407-7377 Down Trend Will Resume Again

EOD NIFTY:

BANK NIFTY:

BNF Has To CLOSE Above 15430 For Some Sort Of Relief Rally Else All The Intra Day Rallies Will Be Sold Out

A CLOSE Below 15170 Will Most Probably Resume The Down Trend

Even A Few Days Range Bound Move Is Also Possible