market weekly : below 8160 expect more panic

nifty weekly technicals for 24 to 28 aug 2015

Nifty spot this week closed with heavy loss on global volatility. This was second weekly loss for index and market heading towards previous lows. This week nifty hit high around 8530 and low was at 8225. Total 300 points weekly range and closed with loss. For next week, 8340 remain as strong nifty hurdle and below it outlook as well as trading strategy remain sell. On downside 8160 is strong s2 support. If nifty fall below that level ten may trigger deep panic in market and in that scenario nifty targets will shift to more downside at 8000 and 7825.
On 3 days trend charts, nifty is heading for target 7960. While on weekly trend chart, nifty trend suggesting final target at 7970.

Banknifty weekly technicals for 24 to 28 aug 2015

Banknifty spot this week closed with heavy loss. This week banknifty index hit high around 18896 while weekly low was near 17800. Total 1000 points weekly downside swing and closing near lows. Weekly chart price trend and momentum both are bearish. Below 18k spot level near support will be 17560 and banknifty might touch that level in next week. Below 17560 on closing basis expect more panic in market.
Banknifty 3 day’s trend channel chart shows final target of rally at 17300. Weekly trend channel chart suggesting targets at 17800 which is already achieved in this week and then 17300 which might possible in next week.

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Pramod Baviskar

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