Nifty & Nifty Bank Weekly View for 20/08/2018 to 24/08/2018

IN OUR LAST BLOG WEEKLY POST WE HAD SHARED OUR VIEW THAT WE ARE EXPECTING RANGE BETWEEN 11240-11520 FOR NIFTY AND ACTUAL RANGE REMAINED 11340-11487 NOW FOR NIFTY BANK EXPECTED RANGE WAS 27400-28400 AND ACTUAL RANGE 27739-28178 SO SOME HOW MARKET PARTICIPANTS RESPECTED OUR VIEW. 

WE ARE GOING TO START 9th BATCH ON TECHNICAL ANALYSIS AND GOOD NEWS FOR ALL WORKING PROFESSIONAL IT WILL BE WEEKEND BATCH AND SESSIONS WILL BE CONDUCTED ON WEEKEND MORNING ONLY...!!! WE ARE OFFERING EARLY BIRD DISCOUNT OF 10% ON WORKSHOP FEE (ACTUAL FEE 7500/-) TILL 31st AUGUST 2018. SESSIONS WILL  BE CONDUCTED ON WEEKEND FOR ABOUT 2 MONTHS. AFTER THAT WE ARE ALSO OFFERING 2 MONTHS ONLINE/OFFLINE SUPPORT. SO FOR TOTAL 4 MONTHS FEE IS JUST 6750/- (IF PAID ON OR BEFORE 31st AUGUST 2018) FOR MORE DETAIL CALL 08866145155 OR DROP MAIL ON NIFTY50STRIKER@GMAIL.COM

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

WEEK ON WEEK NIFTY CLOSED WITH GAINS OF 40 POINTS AT 11470 WHEREAS BANK NIFTY CLOSED WITH GAINS OF 3 POINTS AT 28170

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)

SOMEHOW WE FEEL THAT IN NEXT WEEK BULLS SHALL TRY LIFT DRAG NIFTY TILL 11600+ LEVELS. 

IMPORTANT MOVING AVERAGES 

Weekly 20 & 50 EMA comes at 10504 & 10918 respectively. 

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 & 11510-11520 (ZONE) 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. 

MONTHLY CHART

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 11300-11650

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 highest 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. (Repeat comment with updated chart)

IMPORTANT MOVING AVERAGES

Weekly 20 & 50 EMA comes at 25526 & 26686 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 

MONTHLY CHART

29380-29400 & 31180-31200 (AGGRESSIVE BULLISH PATTERN) 

CONCLUSION

LOOKING AT BANK NIFTY AUGUST SERIES OPTION CHAIN (1 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 27800-28400

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Please note this blog post is for education purpose only. While utmost care is taken while writing this post but any human error cant be ruled out and we apologize for same in advance.