IN OUR LAST BLOG WEEKLY POST WE HAD SHARED OUR VIEW THAT WE ARE EXPECTING RANGE BETWEEN 11200-11440 FOR NIFTY AND ACTUAL RANGE REMAINED 11359-11495 NOW FOR NIFTY BANK EXPECTED RANGE WAS 27200-27900 AND ACTUAL RANGE 27825-28386 SO FOR NIFTY SOME HOW MARKET PARTICIPANTS RESPECTED OUR VIEW BUT WE FAILED TO UNDERSTAND NIFTY BANK CHARTS ENTIRELY.
WE HAVE GOOD NEWS FOR WORKING PROFESSIONALS WE ARE GOING TO START SUNDAY ONLY TECHNICAL ANALYSIS WORKSHOP. AS SPECIAL OFFER ARE WE ARE EXTENDING 10% DISCOUNT TILL 15th AUGUST 2018 ON OUR COURSE FEE (7500/- FOR 4 MONTHS) FOR MORE DETAILS CALL 08866145155 OR DROP MAIL ON NIFTY50STRIKER@GMAIL.COM
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WE HAVE GOOD NEWS FOR WORKING PROFESSIONALS WE ARE GOING TO START SUNDAY ONLY TECHNICAL ANALYSIS WORKSHOP. AS SPECIAL OFFER ARE WE ARE EXTENDING 10% DISCOUNT TILL 15th AUGUST 2018 ON OUR COURSE FEE (7500/- FOR 4 MONTHS) FOR MORE DETAILS CALL 08866145155 OR DROP MAIL ON NIFTY50STRIKER@GMAIL.COM
IF YOU ARE EQUITY TRADER JOIN OUR TELEGRAM EQUITY CHANNEL & IF YOU ARE COMMODITY TRADER TOO THEN YOU CAN JOIN OUR TELEGRAM COMMODITY CHANNEL AS WELL.
NOW LETS HAVE LOOK AT WEEKLY CLOSE FOR NIFTY & BANK NIFTY
WEEK ON WEEK NIFTY CLOSED WITH GAINS OF 69 POINTS AT 11430 WHEREAS BANK NIFTY CLOSED WITH GAINS OF 390 POINTS AT 28167
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)
BUT SOMEHOW WE FEEL THAT IN NEXT WEEK BEARS SHALL TRY TO DRAG NIFTY TILL 11280-11300 LEVELS.
BUT SOMEHOW WE FEEL THAT IN NEXT WEEK BEARS SHALL TRY TO DRAG NIFTY TILL 11280-11300 LEVELS.
IMPORTANT MOVING AVERAGES
Weekly 20 & 50 EMA comes at 10464 & 10860respectively.
SUPPORT & RESISTANCE LEVELS
Important levels for next week are 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 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 CHARTS
WEEKLY CHART
11510-11520 (AGGRESSIVE BULLISH PATTERN) SHALL ACT AS RESISTANCE GOING FORWARD.
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 11240-11520
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 and managed to give good follow up candle also but some how we can see that at highet levels some resistance was faced by Bulls at upper trend-line of wedge. so we feel that this high shall act as stiff resistance going forward.
IMPORTANT MOVING AVERAGES
Weekly 20 & 50 EMA comes at 25420 & 26534 respectively.
SUPPORT & RESISTANCE LEVELS
Important levels for next week are 25810-25920-25985-26070-26170-26255-26285-26325-26410-26450-26520-26615-26650-26695-26765-26900-26970-27045-27145-27230-27335-27470-27600-27640-27680-27720-27765-27790-27825-27845-27890-27940-28000-28020-28065-28110-28190-28250-28295-28320-28365 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 25420 & 26534 respectively.
SUPPORT & RESISTANCE LEVELS
Important levels for next week are 25810-25920-25985-26070-26170-26255-26285-26325-26410-26450-26520-26615-26650-26695-26765-26900-26970-27045-27145-27230-27335-27470-27600-27640-27680-27720-27765-27790-27825-27845-27890-27940-28000-28020-28065-28110-28190-28250-28295-28320-28365 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
29380-29400 & 31180-31200 (AGGRESSIVE BULLISH PATTERN)
MONTHLY CHART
29380-29400 & 31180-31200 (AGGRESSIVE BULLISH PATTERN)
LOOKING AT BANK NIFTY AUGUST SERIES OPTION CHAIN (2 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 28400-27400
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