Nifty & Nifty Bank Weekly View for 17/12/2018 to 21/12/2018

NO MATTER HOW MUCH VOLATILE MARKETS ARE ON ACCOUNT OF NEWS FLOWS AND EVENT OUR GIVEN RANGE FOR NIFTY & NIFTY BANK IS FULLY RESPECTED...!!!

OUR EXPECTED RANGE FOR NIFTY & NIFTY BANK WAS 10300-10900 & 25600-27200 AND IN ACTUAL MOVES REMAINED BETWEEN 10333-10839 FOR NIFTY WHEREAS NIFTY BANK MOVES REMAINED BETWEEN 25598-26951...!!!

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

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 time-being 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)

As of now we can see that Bears managed to form DARK CLOUD COVER kind of formation on monthly chart (premature to conclude anything as month is not yet over) (Previous blog post comment) 

Premature to predict or expect but current candle is not in favor of Bulls. 

Lets have look at Nifty Weekly Chart

As of now we can see that Bears managed to form DARK CLOUD COVER kind of formation on chart  so some downside moves can't be ruled out. (Previous blog post comment) 

Good green candle can be seen which is Piercing Candle  reversal signal. But somehow due to news event flow in past week we feel this candle may not help Bulls to certain extent. 

Lets have look at Nifty Daily Chart

Bulls managed make new high in-comparison to last week but that was just flash...!!! Going forward we feel that 10540-10560 must act as strong support. Any close below this zone may result into more fall of 200-300 points in quick time. (Previous blog post comment) 

100% reversal move of previous swing is expected but problem is over excited Bulls...!!!

IMPORTANT MOVING AVERAGES 

Weekly 20, 50 & 100 EMA comes at 10764, 10643 & 10181 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 10500-11100

Nifty Bank View

Lets have look at Nifty Bank Monthly Chart

Rising Channel formation Trendline (T2) may act as resistance atleast in next week. To make things easy traders may consider 27000-27100 as strong resistance. (Previous blog post comment) 

Doji candle says it all. 

Lets have look at Nifty Bank Weekly Chart

We can see that Bears manage to form Dark cloud cover on Weekly chart...!!! (Previous blog post comment) 

Good Green candle body but problem is falling trendline resistance.

Lets have look at Nifty Bank Daily Chart

Though Bulls managed to lift Index in last session (well before demand zone) but we feel that Bears shall be able to come back next week and spot index may go below 26000 on closing basis. Any close below 26000 may lead to more downside of 300-400 points in quick fire mode. (Previous blog post comment) 

2 back to back doji candles & probable 100% reversal move of previous swing move leads to doubt over more upside. 

IMPORTANT MOVING AVERAGES

Weekly 20, 50 & 100 EMA comes at 26222, 25818 & 24422 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 26200-27300

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