NOTHING MAJOR HAPPENED IN LAST WEEK IN NIFTY & NIFTY BANK EXCEPT TRIGGER STOP LOSS FOR RETAIL TRADERS DUE TO VOLATILE AND ZIG ZAG MOVES. ANYWAY NOW NEXT WEEK SHALL BE CRUCIAL AS WE SHALL HAVE DERIVATIVE EXPIRY SO THAT MAY LEAD TO MORE FUEL TO VOLATILITY.
Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next week.
Nifty View
Now lets have look at spot Nifty Daily Chart. (Old chart of last post)
Now lets have look at updated Spot Nifty Daily Chart
(Incase if you are not able to view full image click on image to enlarge)
In our last post we had said that,"We can see that Bulls managed to take support at 10285 mark (our previous support level) but now going forward close below that may trigger more downside levels Further as discussed in our daily posts if Bears manage to close below 10285 may trigger Bearish Pattern known as Inverted Flag and Pole for which downside for levels are 10190-10084-9743 (final target)"
We can see that level of 10285 is not yet broken. But still view remains same. Further to add that on daily chart we can see that more and more volatile moves are taking place without new high and low being made with respect to previous week high and low. (can be understood easily via chart below)
Now lets have look at spot Nifty Daily Chart. (Old chart of last post)
(Incase if you are not able to view full image click on image to enlarge)
(Incase if you are not able to view full image click on image to enlarge)In our last post we had said that,"We can see that Bulls managed to take support at 10285 mark (our previous support level) but now going forward close below that may trigger more downside levels Further as discussed in our daily posts if Bears manage to close below 10285 may trigger Bearish Pattern known as Inverted Flag and Pole for which downside for levels are 10190-10084-9743 (final target)"
We can see that level of 10285 is not yet broken. But still view remains same. Further to add that on daily chart we can see that more and more volatile moves are taking place without new high and low being made with respect to previous week high and low. (can be understood easily via chart below)
(Incase if you are not able to view full image click on image to enlarge)
(Incase if you are not able to view full image click on image to enlarge)
Weekly 20 & 50 EMA comes at 10426 & 9944 respectively
Nifty Bank View
Now lets have look at spot Nifty Bank Daily Chart. (Old chart of last post)
Now lets have look at spot updated Nifty Bank Daily Chart
In our last post we had said that,"We can see that Bulls managed to take support at lower trendline of channel pattern. Further like Nifty, Nifty Bank is also forming Aggressive Bearish Pattern which may get activated with close below recent of 25023 and that may trigger more downside levels of 24812-24502-23498 as per pattern"
If we consider levels then Nifty Bank closed below to previous week close but now if previous week low is broken then more carnage with some more bad news on banking sector or whatever may be the reason some more fall cannot be ruled out. Again we would like to remind you that aggressive pattern on downside is already forming and we had mentioned this in our last post. (can be understood easily via chart below)
(Incase if you are not able to view full image click on image to enlarge)
Now lets have look at spot updated Nifty Bank Daily Chart
(Incase if you are not able to view full image click on image to enlarge)
In our last post we had said that,"We can see that Bulls managed to take support at lower trendline of channel pattern. Further like Nifty, Nifty Bank is also forming Aggressive Bearish Pattern which may get activated with close below recent of 25023 and that may trigger more downside levels of 24812-24502-23498 as per pattern"
If we consider levels then Nifty Bank closed below to previous week close but now if previous week low is broken then more carnage with some more bad news on banking sector or whatever may be the reason some more fall cannot be ruled out. Again we would like to remind you that aggressive pattern on downside is already forming and we had mentioned this in our last post. (can be understood easily via chart below)
Now lets have look at spot Nifty Bank Daily Chart. (Old chart of last post)
Weekly 20 & 50 EMA comes at 25485 & 24042 respectively
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