Nifty & Nifty Bank Weekly View for 28/01/2019 to 01/02/2019

TILL NOW JANUARY SERIES REMAINED VERY TIGHT RANGE BOUND AND BIT DIFFICULT FOR TRADERS TO HAVE BIG GAINS...!!!

BEFORE WE MOVE AHEAD WITH WEEKLY REVIEW AND NEXT WEEK VIEW WE WOULD LIKE TO UPDATE YOU ALL THAT LATERAL ENTRY OPPORTUNITY TO OUR JANUARY 2019 WEEKEND TECHNICAL ANALYSIS WORKSHOP WITH COMPLETE 4 MONTHS SUPPORT PART IS POSSIBLE...!!!

PLEASE NOTE THAT THIS WILL BE LAST BATCH WHERE WE SHALL BE DISCUSSING OPTION CHAIN & OPEN INTEREST DATA; AS FROM NEXT BATCH WE HAVE DECIDED TO CHANGE DIVIDE WORKSHOP CONTENTS (NO SESSION ON OPTION CHAIN & OPEN INTEREST SHALL BE DISCUSSED IN TECHNICAL ANALYSIS WORKSHOP).

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• TECHNICAL ANALYSIS
• TECHNICAL ANALYSIS + OPTION TRADING

NOW IF WE DISCUSS ABOUT LAST WEEK RANGE FOR NIFTY IT REMAINED BETWEEN 10756-10987 FOR NIFTY BANK IT WAS 27622-27045 WHEREAS OUR EXPECTED RANGE WAS 10700-11100 & 27200-28100...!!!

SO MARKET PARTICIPANTS RESPECTED FULLY...!!!

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NOW LETS HAVE LOOK AT WEEKLY CLOSE FOR NIFTY & BANK NIFTY 

NIFTY VIEW

Lets have look at Nifty Monthly Chart

Previous month low of 10333.85 shall be key level for this entire series. (Old comment) (We are still holding same view) 

Lets have look at Nifty Weekly Chart

Nothing more is required to re-study or re-analyse at present.(Previous blog post comment)

On weekly chart Bears manage to form Bearish engulfing and we have event on last day of week so volatile moves till 10690-10700 can't be ruled out. 

Lets have look at Nifty Daily Chart

Nothing happened significantly on either side. Infact another wedge formation can be seen but it is premature to analyse about breakout or breakdown but yes MOVES TILL 10980-11000 IS VERY MUCH POSSIBLE IN NEXT 5 SESSIONS. (Previous blog post comment)

Bears managed to closed near to day low with bad result of index heavy weights but now next demand zone of 10692-10737 shall play crucial role in next week. 

ANY CLOSE BELOW 10650 MAY LEAD TO MORE FALL OF 150 POINTS IN QUICK MOVE...!!!

IMPORTANT MOVING AVERAGES 

Weekly 20, 50 & 100 EMA comes at 10783, 10677 & 10251 respectively. 

SUPPORT & RESISTANCE 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 10400-11100

Nifty Bank View

Lets have look at Nifty Bank Monthly Chart

Not expecting previous monthly low to be retouched again in this calendar quarter. (We still hold same view) (Previous blog post comment)

FURTHER ARE EXPECTING NEW LIFE HIGH FOR NIFTY BANK IN THIS CALENDAR QUARTER. (REPEAT COMMENT) NO NEED TO RE-ANALYSE OR RE-STUDY AGAIN. (REPEAT COMMENT) 

Lets have look at Nifty Bank Weekly Chart

Bears managed Bearish Engulfing on weekly chart...!!! Further we have event next week. Though there is no sign of divergence but flashes below 27000 cant be ruled in next week.  

Lets have look at Nifty Bank Daily Chart

Next 3 sessions important for Bulls to strike back for new life high in this calendar quarter.(Previous blog post comment)

Bears managed to give close near to weekly low so more downside cant be ruled out. Next demand zone 26923-26960. 

Wedge Breakdown already took place and target comes in 26400-26450 zone. 

IMPORTANT MOVING AVERAGES

Weekly 20, 50 & 100 EMA comes at 26673, 26114& 24737 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 26800-27800

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