13 June 2015

NIFTY & BANK NIFTY TECHNICAL REPORT DAILY CHARTS FOR NEXT WEEK 15-06 -2015


DAILY RESISTANCE FOR NIFTY: 8008, 8031,8092
PIVOT POINT: 7970
DAILY SUPPORT FOR NIFTY :  7947, 7909, 7848
DAILY CHAT FOR NIFTY:




















DAILY RESISTANCE FOR BANK NIFTY: 17646, 17791,18189
PIVOT POINT: 17393
DAILY SUPPORT FOR BANK NIFTY :  17248, 16995, 16597
DAILY CHART FOR BANK NIFTY:



















Nifty remained below 8000, Sensex was up 64 points at 26435, whereas the Nifty up 19 points, or 0.3 per cent, at 7,985 and made a low of 7932.and bank nifty up 1.3 percent at 17502 and made a low of 17140. After day’s consolidation, the market ended with marginal gains. Nifty edged higher in a choppy session on Friday, while still on course for a third consecutive weekly decline. Monsoon is clearly causing disappointments but the fact remains despite a few rate cuts since the beginning of the year, credit growth has not responded and is languishing below 10 percent. In addition, the RBI commentary suggests there aren't going to be further cuts. Fear has gripped the Indian market and traders are exiting long positions as their hopes of a faster economic recovery have got dashed amid weak corporate earnings, and prospects of sub-par monsoon.
Technical analysis for Nifty & BANKNIFTY future 
NIFTY
In last previous sessions, as we have predicted that in Nifty BEARS ARE ALSO CAN BE ACTIVE BELOW 8100 BEARS HAVE TARGET AT 8000. And nifty was achieved target of 8000. Nifty crashes below 8,000. the Nifty up 19 points, or 0.3 per cent, at 7,985 and made a low of 7932.and bank nifty up 1.3 percent at 17502 and made a low of 17140 on Friday. Technically Nifty future is looking bullish on long term weekly charts, Usually, 200-DMA represents strong support or resistance for the index and; now If nifty breach 200 DMA as a resistance level of 8227 on Monday then we can see  nifty in range of 8300&8400 in upcoming days, which could be the next support, BUT  The breaching of 8,000 support on the Nifty is making bears more confident of further declines in the coming days. Investors started scaling down their positions ahead of  IIP and inflation data to be released later in the day amid sustained capital outflows.Near-2%-fall of the Nifty has thoroughly negated the prior day’s rally. However, one last citadel for the bulls still remains  it is the potentially strong support zone between 7956 and 7935 this range held out in the last session but the moot point is that would it act as a floor for the market .
BANKNIFTY
This time it appears that the 200-day EMA at 17570 has been decisively taken out since this is the second time this important moving average is getting breached on a bearish wide ranging day. Thus, unless it is reclaimed again on huge buying support the outlook for the Bank Nifty remains negative. Immediate potential resistance, in case of a pullback rally attempt, would be at 17461 and then the zone between 17542 through 17603 would be the cluster where the 200-day EMA acting as a very significant hurdle will come.
On the downside, the support between 17285 through 17235 would be the immediate support as it still has the potential to bring in fresh demand. However, once taken out decisively, the Bank Nifty would be headed for 17000 or even 16700 – 16500 range. It is in a sell-on-rallies kind of a market. Do not get into buy mode immediately thinking prices to be bargains.

NIFTY LEVELS:
Most critical levels for the day:  7935

Strong support: 7887, 7815, 7609

Major resistance: 8093, 8227, 8433

BANKNIFTY LEVELS:

Most critical level for the day: 17285

Strong support: 17073, 16872, 16308

Strong resistance: 17637, 18000,18564

ABOVE 8227 IT IS BULLS AREA
BULLS CAN MOVE TOWARDS 8300 AND 8500
BEARS ARE ALSO CAN BE ACTIVE
BELOW 7930 BEARS HAVE TARGET AT 7850 AND AT 7755
DAILY CANDLESTICK PATTERN BULLISH MORNING STAR:
A downtrend is in progress and the black candlestick confirms the continuation of the downtrend. The appearance of the short candlestick that causes a gap indicates that bears are still pushing down the price. However, the tight price action on the second day between the open and the close shows indecision. The third day is a white body that moves into the first day’s black body. A significant trend has occurred. The confirmation level is defined as the last close. Prices should cross above this level for confirmation. The stop loss level is defined as the lower of the last two lows. Following the BUY, if prices go down instead of going up, and close or make two consecutive daily lows below the stop loss level.


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