Nifty & Nifty Bank Weekly View for 10/12/2018 to 14/12/2018

BEFORE EVEN BEARS STRIKE ON STREET WE HAD UPDATED WELL IN ADVANCE IN WEEKLY AS WELL AS DAILY BLOG...!!!

OUR EXPECTED RANGE FOR NIFTY & NIFTY BANK WAS 10500-11000 & 25900-27200 AND IN ACTUAL MOVES REMAINED BETWEEN 10588-10941 FOR NIFTY WHEREAS NIFTY BANK MOVES REMAINED BETWEEN 26149-27037...!!!

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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)

Good part of monthly candle is that now candle is good green candle as we can expect some more upmoves in December month. (Last blog post view) 

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) 

Lets have look at Nifty Weekly Chart

GOOD CANDLE BODY CAN BE SEEN BUT GIVEN SERIES OF EVENT IN THIS CALENDAR MONTH WE FEEL SOME TIGHT RANGE BUT BIT VOLATILE MOVES CANT BE RULED OUT. (Previous blog post comment ) 

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. 

Lets have look at Nifty Daily Chart

PAST WEEK HIGH MAY ACT AS RESISTANCE IN NEXT WEEK AS WHOLE. (PREVIOUS BLOG POST COMMENT)

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. 

IMPORTANT MOVING AVERAGES 

Weekly 20, 50 & 100 EMA comes at 10759, 10636 & 10168 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 10300-10900

Nifty Bank View

Lets have look at Nifty Bank Monthly Chart

GOOD CANDLE BODY CAN BE SEEN AND WE CAN SEE THAT MORNING STAR FORMATION HAS TAKEN PLACE. (PREVIOUS BLOG POST CONCLUSION) 

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. 

Lets have look at Nifty Bank Weekly Chart

GOOD GREEN CANDLE CAN BE SEEN BUT SOME HOW WE CAN SEE THAT 27200 MUST ACT AS RESISTANCE. (Previous blog post  comment) 

We can see that Bears manage to form Dark cloud cover on Weekly chart...!!! 

Lets have look at Nifty Bank Daily Chart

27000-27100 MUST ACT AS RESISTANCE ZONE IN NEXT WEEK...!!!
(Previous blog post comment) 

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. 

IMPORTANT MOVING AVERAGES

Weekly 20, 50 & 100 EMA comes at 26158, 25777 & 24374 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 25600-27200

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