Weekly Technical View For NIFTY &
BANK NIFTY :
Our Markets Seems To Be Poised For A Great Bull Wave Which
Could Last Till NIFTY Reaches Around 10600 Levels
I Will Try To Explain Why And What Is The Technical
Requirements For Such A Strong Bull Run
First We Need To
Observe Market Move On A Budget Day And Since We Will Have A Very Strong
Bullish Candle On Monthly Charts Ideally Even If Budget Dissatisfy Markets We
Will See A Sharp Panic Which Will Be Bought into Immediately
Next Will Be A
Technical Indicator ,Stochastic Which Is Overbought On Weekly Charts And If In
Next Few Weeks This Stochastics Comes Down Without Much Of Price Erosion We
Will See An Explosive NIFTY Move
A BANKNIFTY
Weekly Chart Posted Below Shows How STOCHASTIC Behaved Early 2016 And To Take
NIFTY/BANK NIFTY Beyond 2015-2016 Highs I Believe We Will See Nearly Same Sort
Of Movement In Coming Few Weeks
Here Is The Chart :
Identifying First IMPULSE:
This Is Very Critical To Anticipate Future Moves
Last 5 Weeks move in our markets look very identical to the
bull move in March 2016 And When We Use Multi Time Frame Charts We Can Have
Even More Conclusive Technical Evidence That We Are In For A Dream Bull Run
Very Soon
As Can Be Seen On This Monthly Charts It is very Clear That
The 4 Months Down Move Was Just A CORRECTION As The Move Took Support At 50%
Fibonacci Retracement Levels ,Made Double Bottoms On Daily Chart And Now A
Strong MORNING STAR Candle Reversal Pattern On Monthly Charts
NIFTY 50% Retracement
:
NIFTY MONTHLY CHART
:
How To Visualize Targets ?
Here is how I Have Set NIFTY Targets Of Around 10800 !
Again ,Identifying 1St Impulse Is Critical
A Way To Identify Targets Is A Combination Of Gann &
Elliot
Look At This Quarterly NIFTY Chart Which Presumes That End
2008-Early 2009 Was An IMPULSE
The Last Green Arc Is the Target & A Probable Reversal
Zone Which is Way Beyond 10k In A Few Quarters With A STOP Below 7890
Look How Two Red Arcs Were Proven To Be Strong Resistance
Zones In 2010-11 & 2015-16
Another Way Of
Predicting Targets Is Reverse Fibonacci Levels
I Have Used Reversed Fibonacci Levels Of Two Different
Corrective Moves One A Larger 2015 Correction And Second The Very Recent 2016
Correction And I Have Noticed That Around 9700 And 10600 For NIFTY And 25400
For Bank Nifty We Have A Match of Different Fibo Levels As Shown On Charts Of
Both
NIFTY :
BANK NIFTY:
We Can Safely Presume That Once 9000-9100 Zone Is Taken Out
We Will See 9700-10600 Levels For NIFTY Very Easily
Candle Stick Analysis Point of view The Strong January
Monthly Candle Is A Game Changer Otherwise Weaker December 2016 Quarter Had
Suggested If There Was DOUBLE TOP Kind
Of Pattern On Nifty
The Middle Portion Of The January 2017 Candle Is A Strong
Support Now Which Is Roughly Around 8250 So Unless We Have Large BEARISH Weekly
Candle Close Below 8250 There Is A Very Very High Probabilty Of Our Markets
Attaining Dizzy Heights
Also This Strong Up Move From December Lows Suggests We Will
Have A Strong Verdict Favouring NAMO In Coming Five State Assembly Elections As
Markets Discounts The Future Well In Advance
