NIFTY TECHNICAL REPORT FOR NEXT WEEK 27-APRIL-2015

While analyzing the Daily charts of “NIFTY”, we 

found that the Nifty is in “Bullish trend”

Sensex falls over 300 pts, Nifty close below 8300. The market has slipped further after Infosys announced lower-than-expected March quarter results. The Sensex is down 310.70 points or 1 percent at 27424 and the Nifty is down 102 points or 1 percent at 8295.  About 657 shares have advanced, 2014 shares declined, and 146 shares are unchanged. Nifty rallies beyond 8500, and in doing so, breaks above the trend line from the top of 8536 level then, and only then we could rule out this extreme view and start considering a very aggressively bullish stance on Nifty and that would have its targets at 8800 on Nifty.

Technically Nifty future is looking bullish on long term weekly charts; it may trade in range of 8500 and 8900 in near term while with the breaks of its support mark of 8599. The red channel can't be overlooked as it contains the whole secular bull market. Irrespective of the diametric scenario coming true or not, whenever Nifty touches the lower red trend line, we can expect a major multilayer rally. But a fall to the lower red trend line does not appear at all likely at the moment. Nifty can touch 8400-8500 levels in the next one week amid high volatility. This Nifty weekly Log chart shows a pronounced uptrend within the blue channel trend lines. Start considering a very aggressively bullish stance on Nifty and that would have its targets at 8900 on Nifty.

WEEKLY SUPPORT: 8254, 8103, 7758

WEEKLY RESISTANCE:  8599, 8793, 9138