Nifty Weekly Technical Outlook for 26th Aug, 2013

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Anything has Changed overnight???

During last week market was not only looking at falling prices of Indexes, but was more focused on Indian Rupee, which was depreciating very acutely. And there are reports talking about Rupee going to 70, and now everyone start talking about 70. We are really surprised, where were this analyst when Rupee was trading at 55 or leave 55, take when it was at 60. Anything has changed Overnight??? Personally we don’t know where Rupee can go now, because it is not one factor which drives the market, now there are multiple economic factors involved in this game, and on top of that there are number of Corporate, who are more concerned about Rupee then our Governments. Anyways, we only like to say that we should not get carried away by these reports, you never know, smart money is off-loading their hands to small money. Be Aware.

Let’s take snap shot of Nifty & Bank Nifty

Week begins on a weak note, and on very first day it gave a signal that, it will turn weak and everything was set by Tuesday end, but on Wednesday market opened sharply higher, Bank Nifty opened almost 5-7% up and many stocks; that move was enough to cut your shorts and burn your hands, and bulls by nature must have thought that buy it today, there will be no tomorrow, but whole drama could not sustain much and finally in second half Index started plummeting rapidly, longs which were created in start of the day had to give their stops. It was really a dramatic move. Next day Nifty started recovering and finally week closed with minor loss of 36 week on week basis.

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