market weekly : breached major supports on chart

Nifty this week closed with loss. We had seen high volatility in market in this week. Nifty weekly high point was at 8621 while low was at 8337. Almost 300 points weekly swing and closed with loss. Nifty this week breached major averages support zone of 8450 but recovered and closed above it. This week move made sell signal on weekly chart.
For next week, nifty support zones are 8500 and then 8340. Above 8500 keep long view on nifty. Below 8500 on closing basis nifty might resume weak trend and might test 8340 again. On upside 8690 and 8840 are resistances as well as target zones if 8500 levels remain maintained.

Banknifty this week closed with loss. With high volatility moves we seen banknifty weekly high around 19100 while low was at 18034. Almost 1000 plus points weekly swing on downside and closed with loss. Banknifty given 550 points recovery on Friday with strong value buying as well as sharp short covering. Banknifty also breached major support of 18500 but closed above it with strong recovery rally. On weekly chart indicators are bearish with sell signal.
For next week, banknifty support zones are 18600 and 18000. While on upside 19050 and 19700 are resistances as well as targets. Traders above 18600 keep long view on banknifty index future and options.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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