WEEK ON WEEK BULLS MANAGED TO CLOSE NIFTY WITH GAINS OF 97 POINTS WHEREAS FOR NIFTY BANK GAINS WERE LITTLE LESS THAN 500 POINTS...!!!
OUR EXPECTED RANGE FOR NIFTY & NIFTY BANK WAS 10100-10650 & 25100-26200 AND IN ACTUAL MOVE REMAINED BETWEEN 10440-10695 FOR NIFTY AND FOR NIFTY BANK IT REMAINED BETWEEN 25384-26333...!!!
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OUR EXPECTED RANGE FOR NIFTY & NIFTY BANK WAS 10100-10650 & 25100-26200 AND IN ACTUAL MOVE REMAINED BETWEEN 10440-10695 FOR NIFTY AND FOR NIFTY BANK IT REMAINED BETWEEN 25384-26333...!!!
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NOW LETS HAVE LOOK AT WEEKLY CLOSE FOR NIFTY & BANK NIFTY
Week on Week Nifty closed with 75 Gains of points at 10687 whereas for Nifty Bank Bulls managed to close at 26245 with gains of 474 points
NIFTY VIEW
Lets have look at Nifty Monthly Chart
Different Wedge formations are in place Bulls faced resistance at 11760 (higher end of rising wedge) Now going forward weekly close above 11800 will important milestone for bulls. (Repeat Comment)
But Good Part is that in this chart we can see that T2 Trendline (Wedge formation) acted as support timebeing on closing basis till. Now going forward we feel that Bulls shall try their level best that bears do not manage monthly closing below 10130. (Repeat comment)
Good part of monthly candle till now is that it is in Favor of Bulls...!!! But it is premature to analyse at present. (Repeat comment)
Lets have look at Nifty Weekly Chart
Weekly chart suggests more upside till 12000 (with leverage of 50 points) in this calendar year. (Repeat comment) (SEEMS DIFFICULT NOW)
Somehow big Green candles gives hope of more upside but WE FEEL THAT CLOSE ABOVE 10700 ON WEEKLY BASIS SHALL TRIGGER MORE UPSIDE TILL 11000 IN CURRENT SERIES; BUT THAT IS DIFFICULT LOOKING AT PRESENT STRUCTURE...!!! (Repeat comment)
At present we can see that Bulls are facing problem to manage close above 10600 on weekly close...!!! (Previous blog post)
Lets have look at Nifty Daily Chart
We can see that falling expanding formation has taking place so going forward Bulls need to clear 10600-10620 zone with good green candle and volume can only lead t more upside till 10700 or even higher levels.
Going forward we feel that as Bulls managed to give breakout from expanding Wedge but 10754.70-10843.75 (gap zone) may act as strong resistance. But we feel that if GAP is filled with 1 or max 2 candle with volumes then we may see more 150-200 points moves in quick time...!!!
IMPORTANT MOVING AVERAGES
Weekly 20, 50 & 100 EMA comes at 10779, 10628 & 10135 respectively.
SUPPORT & RESISTANCE LEVELS
Important 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 10400-11000
Nifty Bank View
Lets have look at Nifty Bank Monthly Chart
NO FURTHER ANALYSIS IS REQUIRED AT PRESENT. (REPEAT COMMENT)
Lets have look at Nifty Bank Weekly Chart
Lets have look at Nifty Bank Daily Chart
We can see that Bulls managed convincing Breakout from Descending Breakout and now Pattern Target comes 27500+ in on or before end of this calendar month...!!!
IMPORTANT MOVING AVERAGES
Weekly 20, 50 & 100 EMA comes at 26037, 25685 & 24243 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.
EXPECTED RANGE 25100-26200
RECORDINGS OF OLD FREE WEBINARS CAN BE FOUND ON OUR YOUTUBE CHANNEL
NEXT WEEK RANGE 10400-11000
Nifty Bank View
Lets have look at Nifty Bank Monthly Chart
GOING FORWARD CANDLE FORMATION MAY PLAY AN IMPORTANT ROLE. (REPEAT COMMENT)
With some adjustments we feel that this MORNING STAR formation may not give convincing BREAKOUT...!!! BUT THAT PREMATURE TO SAY ON MONTHLY CHART (REPEAT COMMENT)
NO FURTHER ANALYSIS IS REQUIRED AT PRESENT. (REPEAT COMMENT)
Lets have look at Nifty Bank Weekly Chart
Now we feel that for next week 26000-26100 shall act as strong resistance. (Previous blog post comment)
NOTHING MORE IS REQUIRED AT PRESENT
Lets have look at Nifty Bank Daily Chart
BUT FOR NEXT WEEK WE FEEL THAT 25900-26000 SHALL ACT AS STRONG RESISTANCE...!!! (Said in previous blog post)
Going further we feel that supply zone already proving worth as said in previous blog post. We feel that one move till 25400-25500 is must looking at chart structure.
We can see that Bulls managed convincing Breakout from Descending Breakout and now Pattern Target comes 27500+ in on or before end of this calendar month...!!!
IMPORTANT MOVING AVERAGES
Weekly 20, 50 & 100 EMA comes at 26037, 25685 & 24243 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 25100-26200
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