BANK NIFTY WEEKLY
Last week we clearly mention that bank nifty is key player for deciding next move and inform to concentrate on bank nifty also informed you about MAJOR DIVERGENCE IN INDIAN INDICES and hope all you have seen the movement in bank nifty as we expected it moved according to our level, upside resistance we mention at 11800 and it not able to give close above that level and return from there, down side support we mention at 11350-11000 so below 11350 it touched 11000 level and after 11000 we seen panic move till 10800 level almost.
Study for this week.
Over all chart study indicating that bank nifty still having a support at 10800 level and if it able to break this level and close below this then we can see 10000-9600-9000 levels in coming days. For any upside movement bank nifty need to close above 11500 levels for 2 trading session then only we can see confirmation of divergence on chart and it can lead for upside move till 12050-12500-13050.
After a bearish gap down on 16th July 19, 2013, we seen “BEARISH BELT HOLD CANDLE” on 17th and 19th July 2013, and also we can see that it’s a “BEARISH ENGULFING” candle on 19th July, and two candle have maintain same bottom at 10830-40 range.
Another pattern we can see is DESCENDING TRIANGLE chart pattern, so this can suggest us to wait for a breakout at either side.
Now this time we able to see some convergence on chart, if you can see then we can clearly spot that there is a CONVERGENCE spotted on bank nifty chart, but till the time it’s not confirming any direction we can’t decide trend of the market.