NIFTY AND BANKNIFTY WEEKLY UPDATE

SUMMARY:-
*last week we had a strong marabuzo candle on both banknifty and nifty
*markets has seen tremendous short-covering rally
*like we dicussed a move above 16420 will lead to 16670-16780
*we discussed major hurdles in the market as well at 16850
*we know that we will break a swing low pattern above 16850
*if a close above that is achieved we can see a smart rally towards 17225-17430
*icici bank/reliance/kotak bank all have posted results on friday
*in simple words results were good but not just beat estimates in case of icici bank

*note here i will explain something that sentiment traders understand
-fii felt the power of "fomo"?
-smart money buys when market is pessimistic
-from 1.5 lac fut contracts short to 12k shorts left
-ask yourself were you able to capture the rally from 16000-16750
-today retail will look to short banknifty index and kotak and icici bank
-i will remain bullish i am banking on a trap
-why fii now interested in buying indian market
-it is smart play not "fomo"
-usd/inr might see a top near 80-81
-remember rise in inr=value for fii
-so when dollar falls fii turn net buyers and dii start selling the supply
-this is the nature of institutional investors
-icici bank has constantly beating hdfc bank in last 5 to 6 qtrs
-last 3 times when icici bank result came market was in deep red and icici bank did not perfrom as per expectation
-this time icici bank has makret support banknifty is rallying heavily plus a strong weekly candle
-today there will short attempts in the market but if market makes the break then we are looking for a big rally

MORE THINGS TO LOOK AT
*we have discussed the dollar index move with the double bottom view on monthly chart
*we see dollar index slowly move towards 120
*but there will be a halt in the move as price of commodities have come down sharply
*if brent crude comes below 100 dollar and breaks support of 90 we will see nifty above 17000
*banknifty and nifty both now trading above 200-ema which will now turn as support also for the market
*we have started decoupling from global markets

CHART VIEW
(NIFTY)
-after hidden trendline break
-i had given indication to go long
-crucial resistance @16850 need a close above that
-200 sma testing at 17050 will be possible
-if banknifty has broken above 200 sma then so will nifty its just a matter of time
-so supply zone can be considered from 16850

RESISTANCE LEVEL(ABOVE 16850)
16970-17050-17225
SUPPORT
16660-16550-16480

(BANKNIFTY)
-big marabuzo candle on weekly chart
-major weekly trendline breached
-double bottom formation on weekly chart
-short trap possible today
-major supply zone from 37200-37400

RESISTANCE LEVELS
37050-37230-37420
SUPPORT LEVELS
36500-36350-36200

Kommentar:

Hope all benefited by the view
all twitter feed was negative
sentiment analysis is important

banknifty trapped done

Kommentar:

Kommentar:

KEEP AN EYE ON HDFC BANK
IF HDFC BANK MOVES ABOVE 1425 (200-DMA)
THEN WE WILL SEE BANKNIFTY MOVE ABOVE 37500+

HAD DISCUSSED HOW BANKNIFTY SHORTS WILL BE TRAPPED
LOOK AT THIS WEEKLY CHART
FII BACK IN FULL ACTION

Kommentar: