Nifty & Nifty Bank Weekly View for 04/02/2019 to 08/02/2019

JANUARY SERIES WAS PERFECT SERIES OF TRADER WHO FOLLOW LEVELS STRICTLY...!!!

WE ARE TAKING LATERAL ENTRY IN OUR FIRST ONLINE WORKSHOP OF THIS CALENDAR YEAR BUT IT WILL BE LAST WORKSHOP WHEREIN WE SHALL BE DISCUSSING NOT ONLY CHARTS BUT OPTION CHAIN AND OPEN INTEREST DATA. AS FUTURE ONLINE WORKSHOPS WILL BE ON TECHNICAL ANALYSIS ONLY (OPTION CHAIN & OPEN INTEREST DATA SHALL NOT BE DISCUSSED)

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• TECHNICAL ANALYSIS
• TECHNICAL ANALYSIS + OPTION TRADING

NOW IF WE DISCUSS ABOUT LAST WEEK RANGE FOR NIFTY IT REMAINED BETWEEN 10583-10984 FOR NIFTY BANK IT WAS 26441-27533 WHEREAS OUR EXPECTED RANGE WAS 10400-11100 & 26800-27800...!!!

SO MARKET PARTICIPANTS RESPECTED FULLY FOR NIFTY BUT NIFTY BANK BEARS WERE MORE AGGRESSIVE (WE HAD SHARED VIEW ABOUT WEDGE BREAKDOWN BUT WE DID NOT EXPECTED MOVES AS PER PATTERN)

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

NIFTY VIEW

Lets have look at Nifty Monthly Chart

Previous month low of 10333.85 shall be key level for this entire series. (Old comment)  (Repeat comment for Feb series as well) (We are still holding same view) 

Lets have look at Nifty Weekly Chart

On weekly chart Bears manage to form Bearish engulfing and we have event on last day of week so volatile moves till 10690-10700 can't be ruled out. (Previous blog post comment)

Past week being 2 big events (Expiry & Budget) we are ignoring moves below rising wedge trendline. Nothing significant can be found at present. 

Lets have look at Nifty Daily Chart

Bears managed to closed near to day low with bad result of index heavy weights but now next demand zone of 10692-10737 shall play crucial role in next week. (Previous blog post comment)

ANY CLOSE BELOW 10650 MAY LEAD TO MORE FALL OF 150 POINTS IN QUICK MOVE...!!! (SAID LOUD AND CLEAR FOR PAST WEEK) BEARS MANAGED LOW BELOW 10650, 3 TIMES IN ROW BUT BULLS MADE REMARKABLE ENTRY IN LAST 2 SESSIONS  OF WEEK) 

For next week we feel that supply zone (10985-10957) & demand zone (10652-10584) shall important role. 

IMPORTANT MOVING AVERAGES 

Weekly 20, 50 & 100 EMA comes at 10794, 10686 & 10264 respectively. 

SUPPORT & RESISTANCE 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 10500-11000

Nifty Bank View

Lets have look at Nifty Bank Monthly Chart

FURTHER ARE EXPECTING NEW LIFE HIGH FOR NIFTY BANK IN THIS CALENDAR QUARTER. (REPEAT COMMENT) NO NEED TO RE-ANALYSE OR RE-STUDY AGAIN. (REPEAT COMMENT) 

Lets have look at Nifty Bank Weekly Chart

Bears managed Bearish Engulfing on weekly chart...!!! Further we have event next week. Though there is no sign of divergence but flashes below 27000 cant be ruled in next week.  (Previous blog post comment)

Big Doji candle shows good fight between Bulls & Bears..!!!

Lets have look at Nifty Bank Daily Chart

Bears managed to give close near to weekly low so more downside cant be ruled out. Next demand zone 26923-26960. (Previous blog post comment)

Wedge Breakdown already took place and target comes in 26400-26450 zone. (Previous blog post comment)

27500 wont be crossed in next week on closing basis but on downside 26500 must act as strong support

IMPORTANT MOVING AVERAGES

Weekly 20, 50 & 100 EMA comes at 26713, 26153 & 24784 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 26500-27500

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