Nifty Weekly Technical Outlook for 02nd Sept, 2013

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Expiry is over, August month also passed. We think August’13 will be one of most remarkable month of 2013 where Rupee witnessed one of the Sharpest depreciation in its lifetime, which was not only sharp in absolute terms but also in percentage term. And this move has taken away sleep of many. In reaction to that Stock market also collapsed.

Let’s take snap shot of Nifty & Bank Nifty

Mates, week on week basis there is only change of 0.05 only to mention about, because in prior week Nifty closed at 5471.85 and in last week it settled at 5471.80. But last week’s range was 380.55, bit higher than prior weeks range. And also we get big big Hammer on Weekly basis and that to second time in continuation. Does that mean bottom-fishing happening at lower levels?

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