nifty weekly technical analysis for 20 to 24 july 2015
Nifty this week closed with strong gains. After last week’s consolidation and correction bulls taken market from 8350 to 8642. Almost 300 points seen in a week. Nifty on weekly chart given upside movement after taking support at 8400 which is major average on weekly chart and that is very bullish sign as well as medium term buy signal.
For next week, nifty spot resistance zones are 8670 and 8780 while on downside 8580 and 8520 are immediate support zone but above 8570 expect bullish momentum to continue. If slips below 8570 and sustain then correction phase will kick in and nifty might test 8260 support zone.
From medium term 8840 will be first target for nifty and then 9120 on downside 8420 is major support as well as stop loss for investors.
Future traders with long positions in nifty keep stop loss below 8520 or 8470 for target 8780. Option traders use 8500 call options for buying and accumulation with same stop loss in place.
bank nifty weekly technical analysis for 20 to 24 july 2015
Banknifty this week closed with gain. This week banknifty hit low at 18657 while high was at 19195. Total 550 points week range and closed with strong gains. After last week correction banknifty resumed primary trend and heading for higher targets in upcoming weeks. Last week banknifty had taken support at 18400 which was buy signal for medium term swing traders.
For next week, banknifty has multiple support as well as resistance zones on chart. 19250 and 19470 are strong resistances while 19070-18940-18875 and 18680 are support zones.
Watch 19k levels if sustain above it then keep buy and accumulate view for target 19470-19500. Below 19k if sustain then more chances of major correction up to 18400.
Future traders trail stop loss below 19k for target 19470 to 19500 in next week. Option traders keep buy and accumulate view on 19k call option with same stop loss. For investor’s banknifty entered bull zone for target 20500 to 20900 with stop loss 18400.