8 May 2015

NIFTY TECHNICAL REPORT FOR NEXT WEEK 11-05 -2015

While analyzing the Daily charts of “NIFTY”, we found that the Nifty is in “Bullish trend”
After falling sharply in last two trading sessions, the markets today opened on a strong note following the positive global cues. The BSE Sensex surged over 574 points to trade above the 27,000 level while the Nifty reclaimed the 8,200 mark in the afternoon trade today as funds and retail investors went about creating fresh positions, driven by the government’s decision to refer MAT issue to a high-level committee. Besides, a rebound in the rupee from the 20-month low also boosted sentiment. The rally was led by a strong showing in auto, realty, banking, capital goods, PSUs, FMCG, metal and IT stocks on fresh capital inflows. Sensex jumps 450 points.
Trading analysis for Nifty future:

Technically Nifty future is now a long only instrument, at present fresh positions must be on long side only. Nifty is already down from its all time high, technical indicator is showing signal to buy at this moment. Some more profit booking is likely, but trend remains up. We have seen reversal in RSI which could further push Nifty upwards. for a target of 8800 with a stop loss of 7800 on closing basis. All the levels mentioned in this Technical report. 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. 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.  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 8409. The red channel can't be overlooked as it contains the whole secular bull market. whenever Nifty touches the lower red trend line, we can expect a major multilayer rally. This Nifty weekly Log chart shows a pronounced uptrend within the blue channel trend lines. Start considering a bullish stance on Nifty and that would have its targets at 8800 on Nifty. 
CANDLESTICK PATTERN BULLISH MORNING STAR:
This is a three candlestick pattern signaling a major bottom reversal. It is composed of a black candlestick followed by a Doji, which characteristically gaps down to form a Doji Star. Then, we have a third white candlestick whose closing is well into the first session’s black real body. This is a distinctive bottom pattern.
Recognition Criteria
1. The market is characterized by a prevailing downtrend.
2. We see a black candlestick on the first day.
3. Then, we see a Doji on the second day that gaps in the direction of the downtrend.
4. A white candlestick is observed on the third day.
RESISTANCE: 8261, 8305, 8409
SUPPORT:  8157, 8097, 7993
ABOVE 8300 IT IS BULLS AREA,
BULLS CAN MOVE TOWARDS 8400 AND 8600
BEARS ARE ALSO CAN BE ACTIVE,
BELOW 8000 BEARS HAVE TARGET AT 7900 AND AT 7950,


3 comments:

  1. Good news, this is very helpful to all index traders, i really thankful to author for creating this.

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