Weekly Technical View for 26 Aug onwards – Harish Thakkar

Technical Views from our Guest Author Mr. Harish Thakkar

Nifty Daily Chart

Nifty Daily Chart

Weekly Price & Time correction of RSI oversold @25.21 starts to correct after 5 consecutive lower high, lower low. Normal bounce in Uptrend is usually 600 to 700 points. We are in Down trend and as such at least 400 to 500 points bounce can be expected. Previously EOW 17th May 2013 in Uptrend low was 5477 with RSI 30.48 made 5 week HH & HL formation made high of 6199 = 722 points.
Weekly bullish hammer close will show its power to cross 5505 which is High of previous swing 5477 low breaking bar’s failure attempt to win over. Target will be 5660.If we see 5755 the down trend ” V ” shape bottom will show its power to hold. But as Monthly swing break confirmed by closed in breakout area, this daily & weekly 1 or 2 week higher close rally will surrender to Monthly swing down.
Bank Nifty is still looks struggling to hold the bottom. Trade only on 3 day swing high is safe.3 Day swing high is 9766
As per my opinion Monday, Nifty & Bank Nifty must cross over at least hourly macd ” O ” to add strength.

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