1 May 2015

NIFTY TECHNICAL VIEW FOR NEXT WEEK 4 MAY TO 8 MAY 2015


Nifty gaped down below 8225 and moved down.Trailed and exited when price got rejected from 8200. went short below the swing low and exited at 8150 Stayed away after that. The National Stock Exchange Nifty fell below its 200-day moving average for the first time in nearly 15 months, led by declines in blue chips on continued worries about retrospective taxes and lower-than-expected January-March earnings so far.Shares seesawed between positive and negative territories on Wednesday, a day ahead of the April derivatives contract expiry amid a holiday truncated week. Continued sales by foreign portfolio investors amid fresh worries on retrospective taxes Nifty Logging its third straight weekly fall, Nifty moved down this week between 8347 to 8140 the benchmark BSE Sensex slipped by 214 points to end at 27,011.31, while Nifty ended below the 8,200 mark on account of declines in blue chips as the monthly derivative contract expired today. Across-the-board selling on the last day of April series derivative contracts, Nifty ends Apr series at 8181,  Sensex falls 427 pts in week. MAT worries, disappointing Q4 results so far and sluggish global cues pulled down markets. The 50-share NSE Nifty tumbled below the 8,200-level by falling 58.25 points or 0.7 per cent to close at 8,183 During the session, it moved between 8,229 and 8,140.
The BSE 30-share barometer after resuming a shade higher at 27,242 fell back below the 27,000-mark and gradually moved down to a low of 26,897 before concluding at 27,011.31, a fall of 214 points or 0.79 percent. Technically Nifty future is looking bullish on long term weekly charts,Expected a pull back and went long. it may trade in range of 8300 and 8500 in near term while with the breaks of its support mark of 8304. 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 8300-8500 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 8500 on Nifty.
ABOVE 8300 IT IS BULLS AREA,
BULLS CAN MOVE TOWARDS 8400 AND 8500,
BEARS ARE ALSO ACTIVE,
BELOW 8150 BEARS HAVE TARGET AT 8100 AND AT 8000,

WEEKLY SUPPORT: 8093, 8009, 7798
WEEKLY RESISTANCE:  8304, 8431, 8642

8 comments:

  1. Thanks for posting excellent analysis.which will help us to track NIFTY.

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  2. Nice analysis. I feel nifty will rise next week though it will be marginal. If government comes out with some good news regarding MAT then market can joy.

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  3. Appreciate your great write up on NIFTY forecast...Thank you Mantri deepak

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  4. Bought put of 8200 of may.... Today m in loss....wat should i do???

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  5. Had bought MAY put of 8200 @ 110, what should i do....??? Suggest me please ...

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