Nifty Weekly Technical Outlook for 12th Aug, 2013

Nifty Daily Chart

Nifty Daily Chart
Bank Nifty Daily Chart

Bank Nifty Daily Chart

Dark Clouds are gone past or still turbulent times are ahead…

Last week we saw some razor sharp fall in the market, hopes of bulls were smashed and bears must be rejoicing, but party ended quickly.  Fall of last Tuesday was surprise package, and it damaged much. By the end of day, market action has raised question in our Analyst mind, and we could not see any clear clouds, because intensity of fall was sufficient to put us in dismay. Damage continued even next day, but on Thursday again market witnessed recovery, and week is over. Even, in coming week market will work only for four trading sessions. And we believe it will be more challenging week we have to face.

Let’s take technical snap shot of Nifty.

  • One more week, where Nifty lost around 112 points, with weekly range of 234 points. From last three weeks Nifty is falling sharply and totally lost 463.3 points on closing basis. On the weekly chart, few important trend lines are already broken and few are still yet to penetrate.

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