NIFTY TECHNICAL REPORT FOR NEXT WEEK 01-06 -2015 & DAILY CHART FOR NIFTY

DAILY RESISTANCE: 8522, 8577, 8739,8901

DAILY SUPPORT:  8360, 8253, 8091,7929

WEEKLY RESISTANCE: 8420,8523,8706,8889

WEEKLY SUPPORT:  8237, 8157, 7974, 7791

 

 

Sensex, Nifty extend rally,Equity benchmarks extended rally in last hour of trade with the Sensex rising 379 points or 1.8 percent to 27885 and the Nifty gaining 125 points or 1.8 percent at 8468. About 1405 shares have advanced, 1188 shares declined, and 161 shares are unchanged. Sensex ended the day at 27,828 up 321 points. The broader 50-share Nifty closed above the crucial mark of 8,400 @ 8,433 up by 114 points. 26 of the Sensex stocks ended the day in green. Sectorally, auto index was the top gainer.Value buying, hopes of a rate cut from RBI on June 2 are said to the top reasons why Indian markets were on a roll today.

Technical analysis for Nifty future

In last previous sessions, as we have predicted that Nifty index will have not traded below 100 EMA for such a long time since September 2013. And today nifty also closed above 8450.and however failure to do so will again drag back indices to 200 EMA levels i.e below 8200 odd levels.and Nifty made low of 8260 on F&O expiry as traders roll over positions in the futures & options (F&O) segment from May 2015 series to June 2015 series. Technically Nifty future is looking bullish on long term weekly charts, it may trade in range of 8600 and 8900 in near term while with the breaks of its support mark of 8523. the red channel can't be overlooked as it contains the whole secular bull market. This Nifty weekly Log chart shows a pronounced uptrend within the blue channel trend lines, whenever Nifty touches the lower red trend line, we can expect a major multilayer rally.  now it may trade in range of 8500 and 8800 in near term while with the breaks of its support mark of 8523, You can buy nifty positional for a target of 8800 with a stop loss of 8000.

ABOVE 8523 IT IS BULLS AREA
BULLS CAN MOVE TOWARDS 8600 AND 8800

BEARS ARE ALSO CAN BE ACTIVE
BELOW 8237 BEARS HAVE TARGET AT 8100 AND AT 7974

UPCOMING EVENT: RBI POLICIES ON 2 JUNE 2015

Generally, the governor of RBI announces the policies sharp at Eleven am, in the NSE on a working day. Any changes in the policies have a huge impact on the Banking stocks which makes the Index of Bank Nifty quite volatile. Within two to three minutes five hundred points go either up or down. There’s a huge  impact of the policies of RBI on the trading. When the Governor of RBI announces the policies of RBI many a time the trend of the market changes. Also, the market moves higher or lower on the basis of the expectations from the changes which might come after the announcement of the policies. RBI employs the below mentioned tools. The changes which come after the announcement of policies on Banking stocks, auto stocks. analysis of credit policy impact on stock market.

WEEKLY CANDLESTICK PATTERN BULLISH TRI STAR:

Bullish Belt Hold is a single candlestick pattern, basically, a White Opening Marubozu that occurs in a downtrend. It opens on the low of the day, and then a rally begins during the day against the overall trend of the market, which eventually stops with a close near the high, leaving a small shadow on top of the candle. If longer bodies characterize the Belt Hold, then the resistance they offer against the trend will be even much stronger. and A White Opening Marubozu or a White Marubozu with no upper or lower shadow should be seen in a Bullish Belt Hold, and it should open lower than the two preceding black candlesticks.