IN OUR LAST BLOG WEEKLY POST WE HAD SHARED OUR VIEW THAT WE ARE EXPECTING RANGE BETWEEN 11060-11440 FOR NIFTY AND ACTUAL RANGE REMAINED 11234-11391 NOW FOR BANK NIFTY EXPECTED RANGE WAS 27100-27800 AND ACTUAL RANGE 27327-27874 SO MORE OR LESS OUR RANGE WAS RESPECTED BY MARKET PARTICIPANTS.
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NOW LETS HAVE LOOK AT WEEKLY CLOSE FOR NIFTY & BANK NIFTY
WEEK ON WEEK NIFTY CLOSED WITH GAINS OF 83 POINTS AT 11361 WHEREAS BANK NIFTY CLOSED WITH GAINS OF 61 POINTS AT 27695
Nifty View
Lets have look at Nifty Weekly Chart
We can see that Bulls managed to give convincing green candle after SYMMETRICAL TRIANGLE Breakout. As per textbook theory target for this pattern comes at 11900-11920 zone. (Repeat comment with updated chart)
Lets have look at Nifty Daily Chart
We can see that Bulls managed to give convincing green candle closure above WEDGE formation (on Daily Chart). As per textbook theory target for this pattern comes at 12030-12050 zone. (Repeat comment with updated chart)
IMPORTANT MOVING AVERAGES
Weekly 20 & 50 EMA comes at 10425 & 10800 respectively.
SUPPORT & RESISTANCE LEVELS
NOW PRACTICALLY CANDLES ARE IN UNCHARTED TERRITORY SO FINDING RESISTANCE IS BIT DIFFICULT BUT STILL WITH USE OF FEW TOOLS WE CAN SAY FOLLOWING LEVELS SHALL ACT AS RESISTANCE ON HIGHER TIMEFRAME CHARTS
WEEKLY CHART
11390-11410 & 11510-11520 (AGGRESSIVE BULLISH PATTERN) (BULLS ALMOST MANAGED TO ACHIEVE 1st TARGET OF 11399 ~ HIGH OF 11390.55 WAS MADE IN LAST WEEK)
11380-11400 & 11900-11920 (AGGRESSIVE BULLISH PATTERN)
CONCLUSION
AS AUGUST SERIES IS HAVING MORE TRADING SESSIONS USUAL SO SOME VOLATILE MOVES ON BOTH SIDE CANNOT BE RULED OUT. (REPEAT COMMENT)
BULLS SHALL BE COMFORTABLE AS LONG AS WEEKLY CLOSE IS ABOVE 10980 IN ENTIRE AUGUST SERIES. ON UPSIDE 11500 SHALL ACT AS STRONG RESISTANCE. (REPEAT COMMENT)
NEXT WEEK RANGE WOULD BE 11200-11440
Nifty Bank View
Lets have look at Nifty Bank Weekly Chart
We can see that Bulls managed to lift Nifty Bank above supply zone even on weekly chart but some how we feel doji candle is lack of strength in Bull camp. Going forward we feel 28000 will act as resistance on daily as well as weekly close.
IMPORTANT MOVING AVERAGES
Weekly 20 & 50 EMA comes at 25309 & 26367 respectively.
SUPPORT & RESISTANCE LEVELS
Important levels for next week are 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 which may act as support or resistance ON DAILY CHART AS WELL AS ON INTRADAY MOVES as the case may be.
CONCLUSIONIMPORTANT MOVING AVERAGES
Weekly 20 & 50 EMA comes at 25309 & 26367 respectively.
SUPPORT & RESISTANCE LEVELS
Important levels for next week are 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 which may act as support or resistance ON DAILY CHART AS WELL AS ON INTRADAY MOVES as the case may be.
NOW PRACTICALLY CANDLES ARE IN UNCHARTED TERRITORY SO FINDING RESISTANCE IS BIT DIFFICULT BUT STILL WITH USE OF FEW TOOLS WE CAN SAY FOLLOWING LEVELS SHALL ACT AS RESISTANCE ON HIGHER TIMEFRAME CHART CHARTS
WEEKLY CHART
28280-28300, 29380-29400 & 31180-31200 (AGGRESSIVE BULLISH PATTERN)
WEEKLY CHART
28100-28200 SHALL ACT AS STRONG RESISTANCE FOR BULLS GOING FORWARD.
MONTHLY CHART
MONTHLY CHART
28280-28300, 29380-29400 & 31180-31200 (AGGRESSIVE BULLISH PATTERN)
LOOKING AT BANK NIFTY AUGUST SERIES OPTION CHAIN (3 WEEKLY & 1 MONTHLY) IT IS OBVIOUS THAT BULLS AND BEARS BOTH SHALL TRY TO PROVE THEIR DOMINANCE. AS LONG AS BULLS ARE ABLE TO SAVE 26700 BEARS MAY NOT BE ABLE TO DOMINATE. (REPEAT COMMENT)
NEXT WEEK RANGE WOULD BE 27200-27900
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