Nifty and Bank Nifty Weekly update

Dear All, 

It is after 2 months that I am logging in to my blog. 

Yes, I am alive. 

Some events in last 2 months pushed me to shut down blog. I left my last job and now a FULL time "Trader", at least for time being :).

One important things , due to attack on FB page of "Pattern Trading " , I moved it to new address. If you are interested to get updates during market hours please add yourself. 

Link for new FB page : Click Here. 

Coming back to markets :) 

Nifty Update: 

Nifty Hourly chart: 

Nifty is forming an expanding triangle in hourly time frame and managed to close just above trend line. Weekly and daily uptrend for nifty is still intact. 

Support: 

Trend line support at 7885, 7865 and 7838. 

Support from expanding triangle comes at 7840.

5Dema   is currently at 7875.

5Dlema is currently at 7845.

Resistance: 

Multiple tops between 7923 -7930. 

Upper trend line for expanding triangle comes at 7841. 

Even in case nifty breaks trend line there is bunch of support as mentioned above till 7838. Only below 7838 nifty will go in positional sell mode with stop loss around 7875-7885.

On the other hand if nifty manages to cross 7941 then we are ready for fresh rally with stop loss around 7915-20. 

Bank Nifty:

Whole up move for bank nifty is well contained in price channel.

Support: 

Trend line support zone in between  15680- 15725 and 15585-15575 

Resistance:

Multiple tops in between 15855-15865

Daily and weekly trend for bank nifty is firmly up. Once it breaks 15855-15865 we are on for fresh rally. On the other hand break of 15680 will confirm breakdown from channel for initial target of 15575.

Wish you a great weekend. 

Happy trading. 

Regards,

Sumit 

To follow Pattern trading on Facebook: Click Here

You can also register your mail id on right hand side of blog to receive update straight to your mailbox.

DISCLAIMER:

All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.