NIFTY AND BANKNIFTY WEEKLY UPDATE

GOOD MORNING MEMBERS

TIME FOR WEEKLY NIFTY UPDATE

NIFTY INDEX
-after breaking out of range last week
-nifty consolidated in the range of 16470-16700
-i will not conider the open on friday as we managed to close inside the trading range again
-reliance is batting for the bulls
-global uncertainty will create movement in our market
-oil back above $120 not good signs
-rbi policy in the week banknifty looking weaker

keep things simple
-nifty if closes below 16380 will look for aggressive shorts
-reason being that market is for now is taking support at resistance turned support zone of 16380-16420
-on safer side i will wait for a close below 16380
-if does there is a huge possibility of breaking below 15750-16420 trading zone on downside
-as pattern break will fail
-on the upside nifty will be a buy above 16700 only
-we need a daily close above 16700
-but on the upside major hurdle comes at 16850-16970
-on downside direct support@16000-1570
-things are not looking good for now
-but we will track nifty action this week

BANKNIFTY INDEX
-double top formation on hourly/2h chart is visible
-crucial support @34800
-carried overnight shorts in banknifty
-rising dollar/rising crude prices/yields are now again started trading above 2.9
-banknifty support zone is 34800-34650
-resistance at 35500-35600
-if market closes below 34700 today
-it will open up downside for target of 34200-33950

note:-
*banknifty on daily chart made a bearish engulfing pattern
*but important thing is it trapped bulls
*as it covered the three consecutive inside bar pattern

banknifty daily chart


banknifty 2h chart