Weekly Technical View for 12 Aug onwards – Harish Thakkar

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Invalidation point of bearishness in Nifty is 5664 and Bank Nifty is 10220
Nifty has broken previous swing low 5566 and trading above last higher swing low 5477ast 3 days High-Low break out will give market directions as explain in charts. Bank Nifty has broken weekly swing low 9814 (5th Sep.’12) and trading above major weekly swing higher low 8995 (18 May,12)Presently consolidation range 10220 to 9660 for 7 working days in 560 points. Breakout upside will turn market bullish and breakdown will lead to vertical fall as it is already trading at 52 Week Low when other major rally supporting stocks showing exhaustion. The rally which was driven by liquidity now drying away. Market is falling on its own weight.
Bullishness or to regain lost strength is possible only if both crossover invalidation.

To understand above concept in detail, don’t forget to click here.

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