TECHNICAL VIEW

TECHNICAL VIEW FOR 06012016:

NIFTY:

After A GAP UP Open NIFTY Could Not Push Up And Although There Was Buying Seen In Selective Stocks NIFTY Could Not Close Above 7835-7853 Zone

NF Opened Above 7853 Took Support Near 7787 But In The Bounce Back Could Only Touch 7834

We Have POSSIBLE Bullish Set Up On NIFTY Chart Which Is INVERTED HEAD & SHOULDER Pattern But First We Need A CLOSE Above 7853 And Then We Need A BIG Bullish Day To Consume The Bearish Candle

More Positive Above 7920 But The Pattern Completes Only Above NECKLINE

BNF Does Not Have Any Supportive Pattern And FAILURE Of Such Structure Will Have A Strong Negative Impact

NIFTY Must Not CLOSE Below 7700 For Us To Have Some Hope

LARSEN Chart Shows What Happens In Case Of HNS Failures

NIFTY EOD:

LARSEN : A FAILED HNS

BANK NIFTY:

BNF Needs A CLOSE Above 16700 On Hourly Basis And An EOD Close Above 17750 For Some Bullish Ness To Return

HNS Failure On NIFTY Chart Will Have Strong Negative Impact On BNF Too

WEEKLY CLOSE Is Very CRITICAL