Weekly Technical View for 5 Aug onwards – Harish Thakkar

Technical Views from our Guest Author Mr. Harish Thakkar

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Nifty 

If Nifty fails to cross over 3 Day Swing High 5809, then fall will be extended to test previous bottom 5566 below which last bottom is 5477.

Nifty falling from 200 DEMA made ” V “shape bounce and made failure attempt to close above it and made new low and closed just above new low. As many as 13 stocks made 52 Week low out of which Bank Nifty A/c 50% ie.6 out of 12 stocks made 52 Week low.

Bank Nifty

Previous one year price behavior shows bounce for corrective & full fledge rise from RSI 14, O/S 25 to 31.So, likely to bounce expectation. If anybody has short position it should be covered and should not short here. But I do not see any technical reason to buy. If exit from O/S and closed > 5DMA EOD will be valid buy signal.

 

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