TECHNICAL VIEW FOR THE WEEK 08022016:
Markets Always Produces POSSIBILITIES Of Larger Moves On
Either Side So A Technical Analyst Has To Weigh Different Evidences To Judge
The HIGHER SIDE Probability
Technical Analysis Is A SCIENCE OF VISION If There Is
Clarity The Prediction Can Be On Track But When There Is Fog In The Air The
Vision Too Gets Disrupts
When There Is NO CLARITY One Should Be Honest Enough To
Accept It Till The Sun Shines To Make The Vision Clear
MIXED SIGNALS:
NIFTY May Have A STRONG BOTTOM In Place At 7230 But Once
BROKEN There Can Be A One Way Deep & Panicking Fall To 7118 And Even Up To
Around 6600
BANK NIFTY Too May Have A STRONG DOUBLE BOTTOM In Place At
14700 But Once Broken It Can Easily & Swiftly Plunge Towards 13332
So Its Better Wait And Watch
A FEW NEGATIVES :
DOW JONES AND S&P Are At SUPPORTS But Once Broken Below
Recent Lows Can Bring In Severe Panic In The WORLD MARKETs
DAX Too Is At SUPPORTs But Has Given A WORST WEEKLY CLOSE In
Many Months And Seems To Be On The Verge Of A Big BREAK DOWN
A FEW POSITIVES:
Four Leading Banks Are Showing Signs Of Immense Strength And
Will Lead The New Bull Phase From Around Middle Of 2016 Onwards
They Are KOTAK ,HDFC BANK,INDUSIND BANK,YESBANK
NSE MIDCAP INDEX Has No Signs Of Any BREAK DOWN As Yet When
We Compare It With NIFTY & BANKNIFTY
NIFTY Levels To Watch:
NIFTY Has CLOSED Above One BEARISH GAP At 7448 So If It
Sustains Above 7448 NIFTY Can Attempt The Earlier Important Resistance At 7551-7600
A CLOSE Above 7600 Will Be Again Positive
A CLOSE Below 7360 Will Be EXTREMELY Negative
BANK NIFTY:
A CLOSE Below 15145
Will Be NEGATIVE
And If BNF Closes Monday Above 15210 Again It Can Attempt At
15500-15600
A CLOSE Above 15600 Will Be Very POSITIVE
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