Technical View

TECHNICAL VIEW 05012016:

NIFTY:

NF Nearly Touched 8000 As It Made A HIGH Of 7994 While BNF Reached Precise High Of 17143 Which Was One Target & Resistance

7920 Was First Level Which Gave Support Even Yesterday In The First 15 Minutes Another Important Level Below Which I Expected A CORRECTION Was 7890

First Hour Closed Below 7890 And There Was No Look Back

7851-7835 Could Not Support NF So This Is NOT The Correction Which Could Have Been A Buying Opportunity

7786 And 7734 Are Two Supports Now

A CLOSE Below The BULLISH GAP @7712-7700 Will END The Up Move And We May Again See 7551

The Probable First Wave Of A New Bull Move Was Completely Dependent Upon The DUE CORRECTION Which Seems To Be Too Harsh

A VERY STRONG Bounce From Around 7700 Can Still Create Some Hope

For Next Few Days 7835-7853 Will Be A Tough Resistance Zone

NIFTY EOD:

BANK NIFTY:

17143 Was Target & Resistance And Weakness Was Suggested Below 16880-16860 And After Opening Around 16950 Once BNF Traded Below 16860 It Was Bound To Be A Strong Down Move

But As Even 16750 Could Not Support This Single Day Crash May Have Ended The Up Move From 16200

A CLOSE Above 16750-16824 In Next Couple Of Days Can Still Bring In Some Hope

16750-16824 STRONG HURDLES WHILE 16544-16363 Can Give Some Support But Such A SINGLE Day Carnage Suggests That Even 16200 Seems To Be In Danger

BANK NIFTY EOD:

In My Weekly Chart Book I Suggested That DOW JONES & NIKKEI Both Seems To Have Been Forming LOWER TOPs

Here Is Up Dated DOW Chart: