#Nifty #BankNifty Weekly Ichimoku Analysis

Weekly Analysis - Date : 20 - 26 Dec 2015

TrendMaster_ Nifty & Bank Nifty Weekly review.

  

Nifty on pullback mode as it has bounced from the demand zone of 7540 which was the previous swing low. Nifty failed to breach the previous swing low of 7539, forming a higher low.

Analysis – Nifty in contraction mode ahead as the bounce to the zones of 8090 is due on weekly charts.

Longs in small quantity can be initiated with stop loss of 7540. Nifty will retrace to the upper end of the retracement zone in short term.

Bears are resting and we may not see huge volumes and volatility as Global Market will be witnessing Holiday season ahead. No major clues from the Global Market till Mid Week of  January 2016.

Verdict – Longs on every support zone of 7720 - 7660 – 7610 with stops below 7540 | Target zone near to 7980 – 8090 in short term.

BankNifty similarly following the footsteps of Nifty. Bounce to the retracement zone to find the equilibrium, Resistance levels of 17080 – 17290  - 17490 in short term. Over all banking stocks are weak on major timeframes. One should wait for the trigger and good support from the bank index stocks to show some strength. BankNifty may not perform that well like wise Nifty Index in terms of the Pullback unless the stocks turn positive or some short covering is witnessed.

Watch out for banking stocks to support the Bank Index. If not then one should avoid any longs and shorts in Bank Nifty till the trend is not clear.

Verdict  -  Small longs can be initiated on the levels around – 16300 – 16180 with stop loss below 15900 closing basis. 

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