11 July 2015

NIFTY TECHNICAL REPORT DAILY&WEEKLY CHARTS FOR NEXT WEEK 13-07 -2015

DAILY RESISTANCE FOR NIFTY: 8416, 8447, 8523, 8599
PIVOT POINT: 8371
DAILY SUPPORT FOR NIFTY :  8340, 8295, 8219,8143
DAILY CHAT FOR NIFTY: 
WEEKLY RESISTANCE FOR NIFTY: 8522, 8659, 8894,9129
PIVOT POINT: 8424
WEEKLY SUPPORT FOR NIFTY :  8287, 8189, 7954,7719
WEEKLY CHAT FOR NIFTY:




















TECHNICAL ANALYSIS FOR NIFTY
The Sensex gained 70 points to end at 27,644 levels and the Nifty climbed 28 points to end at 8,357 mark The index continues to be weak but the downward momentum seems to be waning, we can expect a corrective rally. Immediately, the 8416 mark is important for its acts as the initial test level for the bulls. The most critical levels for the day, however, rest between 8362 and 8384—this zone is the most potent supply zone, which would test the abilities of both the bears and the bulls, whichever party wins the contest would set the direction of the market. However, to qualify for the contest, the bulls would need to pass the first qualifying round at the level of 8416. In case the bulls fail again, sub-8300 levels in the Nifty would come into being.
Its a Spinning Top Candle Stick. Price almost Touched 50WMA. May be its a reversal Sign. If trades below 50WMA Bear may take Advantage.
ABOVE 8416 IT IS BULLS AREA 
BULLS CAN MOVE TOWARDS 8500 AND 8600 
BEARS ARE ALSO CAN BE ACTIVE  
BELOW 8340 BEARS HAVE TARGET AT 8200 AND AT 8100
DAILY CANDLESTICK PATTERN BULLISH DOJI STAR
When the Doji is in the form of an Umbrella the pattern is called “Bullish Dragonfly Doji” and in case of an Inverted Umbrella it is called “Bullish Gravestone Doji”. Here, all these patterns are subsumed, under the name: “Bullish Doji Star”, regardless of the shape of the Doji. The market is in a downtrend and a strong black candlestick further confirms it. The next day opens lower with a gap down, and the trading is in a small range. The day closes at the opening price, causing the formation of a Doji. Bears were in control during the downtrend but now a change is implied by the appearance of a Doji Star, which shows that the bulls and the bears are in equilibrium. The downward energy is dissipating. Things are not favorable for the continuation of a bear market.

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