WEEKLY CHART BOOK

TECHNICAL VIEW FOR THE WEEK 04012016:

NIFTY:

The 1st Weekly Technical View For The New Year 2016 Has A Lot Of Copy+Paste From Last Two WWEKLY CHART BOOKs

NIFTY Witnessed A Mild Correction Which Did Not Breach My SUPPORT Given Here At 7890 And Recovered Smartly Reaching Near 8000 Level

What I Wrote On 21st December

'' Let Us First Re Define The TRENDs

SHORT TERM : UP (In Danger Below 7706)

MEDIUM TERM : DOWN ( Up Only On A Close Above 8034)

LONG TERM: UP

The Week Gone By Has Created A Number Of Probabilities For The Future Of Our Markets Not Only For Next Week But For Coming Few Weeks

The First Important Probability Is That This Up Move Is The FIRST LEG Of A New Bull Move As On EOD Charts It Looks Like A '' V '' Shape Recovery

For This To Be True NIFTY Must NOT CLOSE Below 7700 Next Week And After Finding Support Around 7700 It Should Again CLOSE Above 7776 (7810 NF) ''

This Suggested Probability Has A Lot Of Potential Now

On 28Th December I Wrote This

'' In My Opinion This 300+ NIFTY Up Move Can Be The First Leg Of A New Bull Wave

There Are IFs And BUTs And We May Have Better Clue By Next Week Or Maximum By Next Fortnight As Every Thing Depends Upon The Correction Of The Recent Up Move Which Is Due Any Time

We Will Have A Firm HIGHER BOTTOM Against The Previous Low Of 7551 After We Can Have A Temporary TOP May Be Around 8000

And The PROCESS Of The HIGHER BOTTOM Formation Will Decide If We Are Already In A NEW BULL Wave Or Not''

Comments Of Above 2 Weekly Reports Applies Even Now

And In Coming Weeks 7810 Becomes A Very Important Level To Watch And PROBABLY THE BEST BUYING OPPORTUNITY Will Be Around 7810

Depending Upon How SPEEDY The EXPECTED Correction Will Be

WATCH 8000-8034 FOR NIFTY As A SUPPLY ZONE Next Week

And A WEEKLY CLOSE Above 8034 Will Be EXTREMELY POSITIVE For Us

Stocks Like LARSEN ,SBIN,ICICI,AXIS Are My Concerns

The WEEK GONE BY:

I Had Suggested A Down Side Correction Mid Week NIFTY Responded Just For A Day But My Level Below Which I Expected A Sharp Correction Was 7890 Which NF Did Not Breach

For Friday My Support Was 7920 And NF Made A Low Of 7922 And Crossed 7960 With A Positive Candle

So For Next Few Days Correction Will Come ONLY On A CLOSE Below 7920-7890 NF Levels

7852-7835 Is A ZONE Which Can Be A SAR For NIFTY

Nifty EOD:

NIFTY WEEKLY :

BANK NIFTY:

I Said On 31st

" More Damage Possible ONLY Below 16880-16860 Price Zone For BNF''

BNF Made A LOW Of 16630 But EVEN A ONE Minute CANDLE CLOSE Was Not Below 16860 And In A STRONG Bounce Back BNF Did Touch My Target Of 17143

Both NIFTY & BANK NIFTY Had Very Strong WEEKLY Candles Which Suggests BUYING ON DIPs But We Should Watch The CORRECTION Very Carefully

Correction Will Come May Be From 17200 or 17380 Around