New High For DOW

A Few Days Back I Wrote This , "" When Dow Enters 35670-35790 Range if there is a small correction from this range ,DOW Will again reach a New High ,Else a multi year TOP Is in place " The Correction 35700 Was A Minor Sideways Phase And So We Have Seen A NEW HIGH For DOW

DOW---- UPDATE

DEDOW Trades At 35520 ,as Expected A Siginficant up move Everything Depends upon what Happens When Dow Enters 35670-35790 Range if there is a small correction from this range ,DOW Will again reach a New High ,Else a multi year TOP Is in place

UP Move From Suggested Support Zone

DOW===U[date

Dow ,made a low of around 34750 and currently Trades ar 35130 ,an expected support zone did work BUT ,Spme more conclusive evidence needed to define weather this up move is ONLY A CORRECTIVE Or A New Upmove

DOW - Short Term View

Dow is Trading At 35408 Now And Its Downward Target Is 34900-35030 in a Few Days And Expect A Smart Rally From these Levels Again Gold May Crash Up to 1600 USD In A Few Weeks Time

 DOW My view : DJIA Is at 34319 right now ,it can fall up to around 34000 ,+ or - 100 points around 34000 ,but if it FAILS To recover After this small fall then Expect A Huge DOWN Move in Dow Jones and in the World Markets Later on

Else ,we will see Another leg on the up side from tomorrow onwards

WEEKLY Technical View

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 1^St 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

TECHNICAL VIEW

Technical View For NIFTY & BANK NIFTY:

We Have Seen A Very Smart Rally In Both The Major Indices Post Budget

A Major Event Awaited By The Markets Was RBI Policy Day And Just Before That The Move Especially In BNF Was A Perfect Rising Channel

Yesterday That Channel Has Been Decisively Broken So Unless BNF Moves Back Above 16000 On HOURLY CLOSING Basis I Feel We Are In For The 1st Major Correction POST BUDGET

1st Target Seems To Be 15220 And Next 14872 But We Will See Some Good Bounce Back From Around 15200

For NIFTY The Price Structure Seems Slightly Different And CONE Shaped

1st Supports Around 7600 But Once We Have A CLOSE Below 7600 And 7550 (Where We Have The TREND LINE Support),We Will See A SHARP Short Term Down Move Up To 7434

Here Are NF & BNF Charts

NF HOURLY:

BNF HOURLY:

A PROBABLE NIFTY MOVE

WEEKLY CHART BOOK

A Possible Big TREND REVERSAL ?

My Technical View For The Week 08032016:

NIFTY:

A Few Notes First From My Earlier Technical Views:

In My Weekly Chart Book On 11th Jan I Said This

'' After May Be A Minor Support Around 7550-7500 We Will See New Lows And First Probable Support/Target Zone Is 7422 Then 7330-7280 And Finally 7141-7118

But Once FLOOD Gates Open Up PANIC SELLING May Happen And Further New Lows Can Be Possible But Not Without Rallies In Between

We Are In 45TH Week Since NIFTY Made Its TOP In MARCH 2015 While In 50th WEEK Since BANK NIFTY Made Its TOP In 2015

55 Is A FIBONACCI Number So  We Will Have A Significant Bottom Around 12th Feb Or Around 19th March 2016''

In Nearly 8 Weeks Since We Witnessed What Happens When Flood Gates Open Up Once NIFTY Breached 7118 And NIFTY Made A Very Important CLOSING LOW At 6980 As Against Its INTRA DAY Low Of 6869 Exactly On 12Th February As Anticipated On 11th January.

Short Term Picture Of NIFTY :

I Wrote Just A Few Days Prior To Budget That When Immediate Resistance Levels Can Not Stop The Up Move It Will Be The First Sign Of A New Directional Move

As NIFTY Made A PANIC LOW At 6825 On The Budget Day And 7230 Which Was First Strong Hurdle Could Not Stop NIFTY To Move Up It Was Clear That We Are In For  Some Thing Else Then A Mere Corrective Post Budget Rally

I Had Given NIFTY Targets Of 7356-7396-7532 With A Clear Suggestion To Buy On Dips

SGX NIFTY Has Made A High Of 7535 Today So With Such A STRONG Short Term Up Move A Small Correction Should Be Expected Soon And It Will Be A Welcome Correction

There Are Bullish Gaps Which Should Support And Such A Correction Should End Above 7230

We May See Some Range Bound Move Before NIFTY Finally Crosses The Major Hurdle Around 7550 And Should Reach 7709-7726 Once Above 7550

Medium Term :

Since The Very Recent Up Move Seems To Be A Possible New Bull Move A Very Important Question Is That At Which Price Point The Up Move Can Pause And What Can Be Next Targets

If The Whole Down Move Initiated From 9119 Has Indeed Ended At 6825 The First Minimum Target Can Easily Be 7698

Next Would Be 7968

In This Case Too Any Corrective Down Move From Around 7550 Should Be Used To Enter Long

EOD NIFTY CHART:

If The Down Move Which Started From 23rd July 2015 At 8654 Has Ended At 7825 We Can Have An Upside Targets Of 7521-7736-7952

NIFTY EOD 2:

So In Both These Cases NIFTY Should Reach Around 7730 First And 7950 Next

This Is Possible Even If The Recent Up Move Proves To Be Just A Sharp Bear Market Rally

On Weekly Chart NIFTY Has Made A Variant Of MORNING STAR Candle Reversal Pattern Which Too Suggests Every Dip Should Be Bought In

BULLISH GAP At 7406-7380 Is Support And Next Big Support Is Another Gap At 7308-7222

If NIFTY CLOSEs Below 7222 Any Day Bullish Assumptions May Go Wrong But At This Juncture This Seems EXTREMELY DIFFICULT

WEEKLY CHART :

Also Note How NIFTY Has Took Support At The Long Term Trend line And Also At The LOWER END Of The Broadening Price Structure

A STRONG BOTTOM

A STRONG BOTTOM IN PLACE AT 6825-6869 PRICE ZONE:

Technical View For 02032016 And For Next Few Days:

12Th Feb Was One Date Where A Bottom Was Anticipated Our Markets Made Their LOWs On The Same Date

At That Time I Said A Bottom Seems To Be In Place But It Will Tested And Re Tested

Against That Low Of 6969 NIFTY Made A Low At 6970 On 17th Feb Another Low At 6961 On 25th Feb And One Final PANIC Low At 6825 On Budget Day

Yesterday Was Suggesting A STRONG BOTTOM Is In Place

Targets 7356-7396-7532

Buy On Dips Is Advised

Tech View

MARKET VIEW For 26022016:

NIFTY:

7037-6965 Were 1st Two Targets Below Which 6943-6865 Too Possible And Yesterday NIFTY Did Close Exactly @6965

Looking At World Markets A GAP UP Open Is Possible And Expect Some Up Side In The Hope For A Good Budget

7066 Is First Possible Target If NIFTY Closes 1st Hour Above 7019

7100 Will Be Next Possible Target And Resistance Too

It Is A Big Event Day Coming So Wait & Watch Must Be An Ideal Strategy

NIFTY EOD:

NIFTY LOW : 6869

NIFTY Meets The LOWER END Of BROADENING STRUCTURE

NIFTY TARGETs 7118-6880-6600

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

NIFTY VIEW

TECHNICAL VIEW FOR 03022016:

NIFTY:

Two Days Back I Suggested That A NIFTY CLOSE Above 7600 Can Take It To Higher Levels And NIFTY Made A PRECISE HIGH Of 7600 On 1st Feb

Yesterday Too Bulls Made An Attempt To Cross 7600 But The Was 7576

A CLOSE Below 7400 Will End The RELIEF RALLY

May Be One More Attempt Be Made From 7400-7350 Zone To Take NIFTY Higher But Now With Yesterdays Crack The Whole PRICE STRUCTURE For The RELIEF RALLY Seems Bearish And NIFTY Should Breach 7230 In Coming Days

NIFTY EOD: 

BANK NIFTY:

BANK NIFTY Did Not Have Any Strength And A CLOSE Below 14900 Will Resume Fresh Down Move Here

TECHNICAL VIEW FOR NIFTY & BANK NIFTY

TECHNICAL VIEW FOR 01022016:

NIFTY:

In My Last Technical View I Suggested That A SHORT TERM BOTTOM Was In Place At 7230 And A Possible Relief Rally Targets Were Set 7462-7551

NIFTY Has Managed To CLOSE Above A Crucial Resistance At 7551 So On A CLOSE Above 7600 It Can Reach 7672 And 7721-7742 To FILL The Bearish GAP

A CLOSE Below 7400 Is STOP & REVERSE

NIFTY EOD:

BANK NIFTY:

BANK NIFTY Could Not Move As STRONG As NIFTY Because It Has A Sharp GAP DOWN OPEN On Friday

A Move Above 15682 Can Take BANK NIFTY Towards 15790

A Close Above 15800 Can Take BANK NIFTY Up To 16108-16205

BANK NIFTY:

TECHNICAL VIEW

TECHNICAL VIEW FOR 21012016:

NIFTY:

Another Big Gap Down And A Big Fall Followed By A SMART Intraday Recovery But Still NOTHING Positive On EOD Charts

What Happens Normally Is That After 300-400 NIFTY POINTS Fall There Used To Be Some Smart Recovery But This Time Around Even After Some 700+ Points Crash We Are Witnessing Only INTRADAY Rallies

Some Where It Will Stop And We Will Have A Relief Rally But As I Said Earlier It Is Dangerous To Swim Against The High Tide

A STOP & REVERSE Would Be A CLOSE Above 7447 For Positional NF traders

7336-7364 IS THE FIRST HURDLE TO CROSS FOR NIFTY ABOVE WHICH IT CAN ATTEMPT  FOR 7462 AND AFTER CLOSING THE GAP IT CAN REACH 7498-7551

A CLOSE Below 7280 Would Negate The Up Side Possibility

Since DOW & DAX Has Reached Their AUGUST-15 LOWs Which Are Minor Supports I Am Expecting Some Up Side But Again ONLY Above Suggested Levels With A CLEAR STOP

EOD NIFTY :

BANK NIFTY:

I Had Given A DOWN Side Target Of 14665 For BANK NIFTY And Yesterday It Made A LOW Of 14754

My Target Was Given When BNF Was Around 16000

A Relief Rally Possible On A BANK NIFTY CLOSE Above 15270-15338

The TARGET Zone Would Be 15453-15790 Which Will Again Be A Tough Resistance Zone

TECHNICAL VIEW FOR THE WEEK 18012016:

TECHNICAL VIEW FOR THE WEEK 18012016:

NIFTY:

First Let Us Have A Look At The Week Gone By:

On Friday My View Was Positive & Hoping For A Relief Rally BUT Only Above Certain Levels And Neither NIFTY Nor BANK NIFTY Was Able To CROSS My Levels And The TREND Continued

TWO Long Shadows At 7430-7452 For NF Prompted Me To Have A View Of A SHORT TERM BOTTOM Formation But As I Have Been Consistent That There Must Be A FOLLOW UP Bullish Candle To Confirm Bottom Which Did Not Happen

What Now ?

NF Yet To Close Below 7430 But The STRUCTURE Seems Negative Again As NIFTY/NF Just Managed To Close At Previous TOW DAYs LOWs

Unless NIFTY Again Manages A CLOSE Above 7551 / NF Above 7561 There Will Be Selling Pressure At Every Rise

An EOD Close Above 7617 For NF Can Bring In Some HOPE Based Rally During The Coming Week

Down Side Targets Of 7330-7280-7141-7108 Are Open

The 7330-7280 Price Zone Is A CRUCIAL SUPPORT Zone So Before A Final Plunge NF Should See Some Support At 7330-7280

BANK NIFTY:

I Had A View That Above 15689 There Was A Possible Relief Rally But BNF Could Not Reach There And Again Once Below 15450 My Target Of 15200 Was Met Very Quickly

A CLOSE (Hourly Close For Today) On EOD Basis During The Week Above 15689 Can Bring In Some Relief Rally Else Fresh Selling Will Resume Taking BNF Below 15000 Very Soon

TECHNICAL VIEW FOR 20012016:

NIFTY:

NF Did Manage To Cross 7422 And Went Up To 7474 In An Intraday Rally But Could Not CLOSE Above 7460

It Seems To Be JUST A PAUSE After Very Heavy Selling Pressure And If NF Manages To Sustain Above 7407 Especially For The 1st Hour Of Trades It Can Again TRY To CROSS 7460

On A CLOSE Above 7460 We May See 7498 And 7551 In Coming Days

A CLOSE Below 7407-7377 Down Trend Will Resume Again

EOD NIFTY:

BANK NIFTY:

BNF Has To CLOSE Above 15430 For Some Sort Of Relief Rally Else All The Intra Day Rallies Will Be Sold Out

A CLOSE Below 15170 Will Most Probably Resume The Down Trend

Even A Few Days Range Bound Move Is Also Possible

MARKET VIEW 15012016

TECHNICAL VIEW FOR 15012016:

NIFTY:

NIFTY Has Been Extremely Volatile In Last Two Trading Days

7422 / 7430 For NF Seems A BOTTOM For Now

Because Such Volatility Can Happen Before A TOP Or BOTTOM Formation Since We Have Seen Relentless Selling From Around 8000 We May Now See A Rally

STOP: CLOSE BELOW 7471 Today

NIFTY EOD:

BANK NIFTY:

A Very Nice Fibonacci Setup Suggests That At 15450 BANK NIFTY May Have Hit A BOTTOM For The Short Term

And A Relief Rally Will Be On The Cards

STOP: A CLOSE BELOW 15450

Once BANK NIFTY CLOSEs Above 15800 It Can Reach 16200-16434

For BNF An Hourly Close Above 15689 Will Confirm My View

BANK NIFTY EOD:

Please Remember That The Suggested Up Move Will Mostly Be A RELIEF RALLY Which Will Reach 38.2% Retracement Levels Of The Recent Fall And Medium Term Bearish Trend Remains Intact

After Watching  The STRENGTH I will Suggest What Kind Of Move Will Follow And If We Just Have A SIDE WAYS Move The DOWN MOVE Will Continue Below STOPs Given Today

WORLD MARKET PLUNGES HARD

TECHNICAL VIEW FOR 14012016:

NIFTY:

I Was Expecting Some Up Side Move Above 7570 Around NIFTY Went Up To 7600 But My STOP Was 7540 And Once Below 7540 NIFTY Touched 7425 As Our One Weekly Target Was 7422

'' After May Be A Minor Support Around 7550-7500 We Will See New Lows And First Probable Support/Target Zone Is 7422 Then 7330-7280 And Finally 7141-7118''

From The SUPPORT/TARGET Of 7422 NIFTY Bounced Back Sharply CLOSING Even Above 7551

On EOD Chart It Is A LONG LEGGED DOJI ,Which Suggests A SHORT TERM Bottom At 7425 But Needs A FOLLOW UP BULLISH CANDLE

A CLOSE Above 7620-7640 Can Be Such A FOLLOW UP

World Markets Are A BIG BIG Concern For Us Which I Have Been Suggesting Since last Month In All my Reports

A CLOSE Below 7516 For NF And More Damage On NF CLOSE Below 7429

BANK NIFTY:

15600-15540 Was A SUPPORT Zone From Where We Had Seen Strong INTRA DAY Bounce But BNF Need A CLOSE Above 16185 First For A Relief Rally

Below 15600-15540 BNF Can Reach 15200 Very Quickly