SRK TRADING CALLS: BANK NIFTY WEEKLY VIEW FROM 20.1.14 TO 24.1.14

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

Friday, January 17, 2014

BANK NIFTY WEEKLY VIEW FROM 20.1.14 TO 24.1.14

Outlook for Bank nifty for next week: - As expected bank nifty crossed 1st resistance 11057.03 {weekly high is 11192.8}

Major Trend indicators: - MACD & TRIX still below zero line, ADX @ 18.61 {below 20}, Parabolic SAR @ 11302.85, check the chart

Momentum oscillators: - RSI @ 43, STOC @ 32.3 & WILLIAMS%R @ -84.43 {trending zone}, Check the chart

Volume Indicators: - MFI @ 39.6, Volume oscillator @-3.19, NVI @ 1.03 which is below to avg 1.04 & PVI @ 54688.27 which is below avg 55326.16 check the chart

Volatility Indicators: - ATR @ 212.31 & Bank nifty below Lower band is @ 10790.59 & middle band @ 11168.8 {Bank nifty cmp 10911.3}, check the chart

Negative & Positive outs puts: - Spot Bank nifty {panic 11078} cmp 10911.3 which is below all ema's 20 ema @ 11118.75, 50 ema @ 11102.68, 100 ema @ 11011.59 & 200 ema @ 11059.72 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 10972.93 it will find support @ 10753.07, if it breaks on closing basis, next 10594.78 - 10374.92

Whereas Above 10972.93 {cmp 10911.3} it will find resistance @ 11131.21 for next week, once it crossed next rise to 11351.08 - 11509.36 for next week

Overall trend turned bearish in Daily charts from 17.1.14 and in weekly charts bearish from 3.1.14

thanks,

regards,

Rajesh Saladi

NSE certified Technical Analyst