Huge volatile Week with High being made on 1st day of week & Low on last day...!!!
But 1 bounce was also seen on Wednesday which gave Bulls hope of some revival which was shattered in next 2 trading sessions of week...!!!
Now if we talk about expected range given by us for Nifty & Nifty Bank was 9950-10550 & 24700-26000 respectively whereas actual moves remained between 10004-10408 & 22353-25505...!!!
Thus market participants respected our range for Nifty but Nifty Bank Bears over shadowed Bulls...!!!
We are going to conduct FREE WEBINAR ON AGGRESSIVE PATTERN on 27/10/2018 at 2100 hrs To register click here
Further we are going to conduct couple of free webinars in November month. To get entire list with registration link click here
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But 1 bounce was also seen on Wednesday which gave Bulls hope of some revival which was shattered in next 2 trading sessions of week...!!!
Now if we talk about expected range given by us for Nifty & Nifty Bank was 9950-10550 & 24700-26000 respectively whereas actual moves remained between 10004-10408 & 22353-25505...!!!
Thus market participants respected our range for Nifty but Nifty Bank Bears over shadowed Bulls...!!!
We are going to conduct FREE WEBINAR ON AGGRESSIVE PATTERN on 27/10/2018 at 2100 hrs To register click here
Further we are going to conduct couple of free webinars in November month. To get entire list with registration link click here
If you are interested in getting trading views & charts posts (for education and record purpose only) then please subscribe our Telegram Bot or you can follow us on Twitter handle
NOW LETS HAVE LOOK AT WEEKLY CLOSE FOR NIFTY & BANK NIFTY
Week on Week Nifty closed with loss of 273 points at 10030 whereas for Nifty Bank Bulls managed close at 24421 with loss of 664 points.
NIFTY VIEW
Lets have look at Nifty Monthly Chart
Different Wedge formations are in place Bulls faced resistance at 11760 (higher end of rising wedge) Now going forward weekly close above 11800 will important milestone for bulls. (Repeat Comment)
But Good Part is that in this chart we can see that T2 Trendline (Wedge formation) acted as support timebeing on closing basis till. Now going forward we feel that Bulls shall try their level best that bears do not manage monthly closing below 10130. (Repeat comment)
Lets have look at Nifty Weekly Chart
Lets have look at Nifty Monthly Chart
But Good Part is that in this chart we can see that T2 Trendline (Wedge formation) acted as support timebeing on closing basis till. Now going forward we feel that Bulls shall try their level best that bears do not manage monthly closing below 10130. (Repeat comment)
Going forward we can see that Bears managed to give breakdown from rising trendline (T2) now monthly close below that change whole Bullish Structure
Weekly chart suggests more upside till 12000 (with leverage of 50 points) in this calendar year. (Repeat comment) (SEEMS DIFFICULT NOW)
Some how Bulls managed to give close near to expanding wedge but still previous week low 10138.60 shall act as strong support but going forward weekly close below 10130 may lead to more downside and doors till 10000 shall open easily for Bears...!!!
View was close below 10130 shall open doors till 10000 and today Bears managed low of 10004 on Friday...!!!
Somehow we feel that 100% retracement of for short term swing from 10138.60 to 10710.15 will go for expansion and sub 10138.60 levels shall be seen in next week. (View shared in last weekly post)
Now we can see that previous swing low is broken and Bears are going for more downside extension for which expected support levels are 10003-9920-9853-9785-9701 & 9567
IMPORTANT MOVING AVERAGES
Weekly 20, 50 & 100 EMA comes at 10837,10630 & 10106 respectively.
SUPPORT & RESISTANCE LEVELS
Important levels
Important levels for next week are 9685-9710-9735-9770-9790-9815-9840-9860-9885-9910-9935-9955-10005-10045-10075-10110-10140-10180-10225-10270-10295-10325-10350-10380-10415-10460-105000-10525-10555-10585-10615-10650-10690-10715-10740-10785-10815-10840-10870-10895-10940-10980-11020-11045-11070-11100-11125-11150-11170-11210-11240-11255-11275-11300-11360-11385-11410-11425-11455-11470-11495-11525-11550-11565-11585-11605-11620-11655-11690-11710-11725-11735-11750 which may act as support or resistance ON DAILY CHART AS WELL AS ON INTRADAY MOVES as the case may be.
CONCLUSION
NEXT WEEK RANGE 9700-10300
Nifty Bank View
Lets have look at Nifty Bank Monthly Chart
Now we feel that this previous month close below trendline is bit painful for Bulls but good part is another expanding wedge formation support comes near to 24000-24100 level. (Repeat comment)
Good thing is that Bears though managed to make new low in this month but still low below wedge Trendline is not yet made. (Repeat comment)
Good Part is that candle till date is doji which is bit comfortable for Bulls (Previous blog post comment)
GOING FORWARD CANDLE FORMATION MAY PLAY AN IMPORTANT ROLE.
Lets have look at Nifty Bank Weekly Chart
EXPECTED RANGE 23700-25400
RECORDINGS OF OLD FREE WEBINARS CAN BE FOUND ON OUR YOUTUBE CHANNEL
NEXT WEEK RANGE 9700-10300
Nifty Bank View
Lets have look at Nifty Bank Monthly Chart
Now we feel that this previous month close below trendline is bit painful for Bulls but good part is another expanding wedge formation support comes near to 24000-24100 level. (Repeat comment)
Good thing is that Bears though managed to make new low in this month but still low below wedge Trendline is not yet made. (Repeat comment)
Good Part is that candle till date is doji which is bit comfortable for Bulls (Previous blog post comment)
GOING FORWARD CANDLE FORMATION MAY PLAY AN IMPORTANT ROLE.
Lets have look at Nifty Bank Weekly Chart
Somehow divergence formation helped more downside but Bulls failed to lift index to more upside. (old comment)
On weekly chart we can see some aggressive bearish formation for which downside target/support zone comes 24330-24340, 23840-23850, 23350-23360, 22750-22760 & 21770-21780.
We have arranged free webinar on this chart pattern shall be conducted on Saturday (27/10/2018 at 2100 hrs to register for that please click here)
Lets have look at Nifty Bank Daily Chart
We can see that rising wedge formation trendline helped Bulls in last session but going forward 25100-25000 strong support.
On daily chart final hope is 24240-24250 zone.
IMPORTANT MOVING AVERAGES
Weekly 20, 50 & 100 EMA comes at 26076, 25656 & 24140 Respectively.
SUPPORT & RESISTANCE LEVELS
Important levels for next week are 22980-23090-23215-23325-23445-2575-2360-23740-23810-23930-24010-24085-2450-24250-24380-24515-24680-24810-25065-25150-25220-25340-25455-25650-25775-25810-25920-25985-26070-26170-26255-26285-26325-26410-26450-26520-26615-26650-26695-26765-26900-26970-27045-27145-27230-27335-27470-27600-27640-27680-27720-27765-27790-27825-27845-27890-27940-27970-28015-28060-28130-28175-28210-28265-28320-28375 which may act as support or resistance ON DAILY CHART AS WELL AS ON INTRADAY MOVES as the case may be.
On weekly chart we can see some aggressive bearish formation for which downside target/support zone comes 24330-24340, 23840-23850, 23350-23360, 22750-22760 & 21770-21780.
We have arranged free webinar on this chart pattern shall be conducted on Saturday (27/10/2018 at 2100 hrs to register for that please click here)
Lets have look at Nifty Bank Daily Chart
On daily chart final hope is 24240-24250 zone.
IMPORTANT MOVING AVERAGES
Weekly 20, 50 & 100 EMA comes at 26076, 25656 & 24140 Respectively.
SUPPORT & RESISTANCE LEVELS
Important levels for next week are 22980-23090-23215-23325-23445-2575-2360-23740-23810-23930-24010-24085-2450-24250-24380-24515-24680-24810-25065-25150-25220-25340-25455-25650-25775-25810-25920-25985-26070-26170-26255-26285-26325-26410-26450-26520-26615-26650-26695-26765-26900-26970-27045-27145-27230-27335-27470-27600-27640-27680-27720-27765-27790-27825-27845-27890-27940-27970-28015-28060-28130-28175-28210-28265-28320-28375 which may act as support or resistance ON DAILY CHART AS WELL AS ON INTRADAY MOVES as the case may be.
CONCLUSION
EXPECTED RANGE 23700-25400
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