SRK TRADING CALLS: BANK NIFTY WEEKLY VIEW FROM 13.1.14 TO 17.1.14

GOLDEN TIP FOR BEGINNERS

WHEN A INDEX OR SCRIP OPEN ,LOW ARE SAME AND HIGHER THAN PREVIOUS CLOSE {REMEMBER MUST BE HIGHER THAN PREVIOUS CLOSE} , THEN DON'T SHORT THAT SCRIP WHERE AS IN OTHER WORDS , YOU CAN TRY LONG IN THAT COUNTER

&

WHEN A INDEX OR SCRIP OPEN,HIGH ARE SAME AND LOWER THAN PREVIOUS CLOSE {REMEMBER MUST BE LOWER THAN PREVIOUS CLOSE} THEN DON'T GO LONG IN THAT SCRIP WHERE AS IN OTHER WORDS , YOU CAN TRY SHORT IN THAT COUNTER

DISCLOSURE:- THIS IS MY PRACTICAL OBSERVATION IN MY TRADING JOURNEY AND I PUT THIS AS A THEORY FOR MY OWN TRADES , THIS IS NOT ANY ONE'S , OR NOT WRITTEN IN ANY TECHNICAL BOOKS
SOME COPY CATS COPYING THIS
TOTAL SENTENCE TO THEIR BLOGS OR WEBSITES
SO, IT IS YOUR RISK IF U DO ACTIONS ON THIS THEORY

Monday, January 13, 2014

BANK NIFTY WEEKLY VIEW FROM 13.1.14 TO 17.1.14

Outlook for Bank nifty for next week: - As expected bank nifty reached nearly by 3rd support 10436.9 {weekly low is 10788.2}

Major Trend indicators: - MACD broken & TRIX below zero line, ADX @ 15.92 {below 20}, Parabolic SAR @ 11489.45, check the chart

Momentum oscillators: - RSI @ 37.52 {trending zone}, STOC @ 16.29 & WILLIAMS%R @ -97.84 {Oversold zone}, Check the chart

Volume Indicators: - MFI @ 34.15, Volume oscillator @-3.34, NVI @ 1.02 which is below to avg 1.04 & PVI @ 55714.45 which is below avg 55560.8 check the chart

Volatility Indicators: - ATR @ 222.75 & Bank nifty below Lower band is @ 10883.46 & middle band @ 11233.39 {Bank nifty cmp 10805.3}, check the chart

Negative & Positive outs puts: - Spot Bank nifty {panic 11138} cmp 10805.3 which is below all ema's 20 ema @ 11184.18, 50 ema @ 11121.15, 100 ema @ 11010.74 & 200 ema @ 11061.77 not at all good and showing a negative sign. Golden cross over 20 ema>50ema>100ema>200ema continues its trend which is a good sign, check the chart

Conclusion: - Below 10922.62 it will find support @ 10670.88, if it breaks on closing basis, next 10536.47 - 10284.74

Whereas Above 10922.62 {cmp 10805.3} it will find resistance @ 11057.03 for next week, once it crossed next rise to 11308.77 - 11443.18 for next week

Overall trend turned bearish in Daily charts from 30.12.13 and in weekly charts bearish from 3.1.14

thanks,

regards,

Rajesh Saladi

NSE certified Technical Analyst