Nifty & Nifty Bank Weekly View for 02/04/2018 to 06/04/2018

WEEK ON WEEK NIFTY CLOSED WITH GAINS OF ABOUT 115 POINTS WHEREAS NIFTY BANK CLOSED WITH GAINS LITTLE OVER 590 POINTS.

Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next week.

Nifty View

Lets have look at Nifty Weekly Chart

On weekly basis if for next week bulls managed to sustain 10000 then more upside can't be ruled out this is because on weekly chart Bulls managed to form reversal candle signal known as Piercing Candle so bears have to work hard for more down which shall be confirmed on with close below 10000 (ignoring +/- 25 points) 

Important levels for next week are 9610-9695-9750-9815-9870-9910-9985-10040-10120-10178-10235-10285-10345-10400-10455-10495-10535-10596-10666-10760 which may act as support or resistance as the case may be. 

Weekly 20 & 50 EMA comes at 10333 & 10002. 

CONCLUSION

IN NEXT 3 WEEKS NIFTY MAY TOUCH 9730-9740 ZONE. (BIAS IS NEGATIVE)  BUT LOOKING AT TREND IF 9950 IS BROKEN ON CLOSING BASIS THEN OUR TARGET FOR 9730-9740 MAY COME EARLY THAN EXPECTED. (REPEAT COMMENT FROM PREVIOUS WEEK) 

BUT NOW GOING FORWARD BEARS MAY FIND IT DIFFICULT AGAIN IN NEXT WEEK TO BREAK 10000 LEVELS. ONCE AGAIN 9950 (OUR LEVEL GIVEN PREVIOUS WEEK CONCLUSION WORKED VERY WELL) 

Nifty Bank View

Lets have look at Nifty Bank Weekly Chart

Long term trendline did its job and going forward close below 23800 may lead to more pain in coming week Important levels for next week are 22980-23090-23215-23325-23445-23575-23630-23740-23810-23930-24010-24085-24150-24250-24380-24515-24680-24810-25065-25150-25220-25340-25455-25650 which may act as support or resistance as the case may be. 

Weekly 20 & 50 EMA comes at 25003 & 24131 respectively. 

CONCLUSION

THIS WEEK WE FEEL TILL THE TIME BULLS ARE NOT ABLE TO CROSS 24500 ON WEEKLY CLOSE EVERY RISE WILL BE SOLD INTO WITH EXTENDED WEEKLY BEARISH PATTERN TARGET OF 23080-23120 ON OR BEFORE 1st WEEK OK APRIL (WEEKLY CLOSE) (CONCLUSION COMMENT FORM PREVIOUS WEEK POST) AND ONCE AGAIN OUR VIEW 24500 ON UPSIDE SHALL ACT AS RESISTANCE WORKED ROCK SOLID. 

NOW FOR NEXT WEEK ANY CLOSE ABOVE 24500 MAY LEAD TO MORE UPSIDE OF 500-700 POINTS IN QUICK MODE AS BECAUSE AGAIN ON WEEKLY CHART CANDLE IS FORMING BULLISH SIGNAL. 

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