18 July 2015

NIFTY TECHNICAL REPORT DAILY&WEEKLY CHARTS FOR NEXT WEEK 20-07 -2015

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DAILY RESISTANCE FOR NIFTY: 8648, 8671, 8713, 8755
PIVOT POINT: 8629
DAILY SUPPORT FOR NIFTY :  8606, 8587, 8545,8503
DAILY CHAT FOR NIFTY:  



















WEEKLY RESISTANCE FOR NIFTY: 8731, 8837, 9129,9275
PIVOT POINT: 8545
WEEKLY SUPPORT FOR NIFTY :  8439, 8253, 7961,7669
WEEKLY CHAT FOR NIFTY:

























Equities posted their best weekly gain in a month as benchmark indices rose 2.9% during the week. Sensex recovered last week’s 1.9% losses to advance 801 points. The Nifty surpassed the psychological 8,500 mark and closed with gains of nearly 3% or 249 points. The Sensex rose to a three-month high on Thursday after the government proposed to raise the composite cap on foreign investments from 49% to 74%. Foreigner portfolio investors (FPIs) turned net buyers during the week as the year to date FPI inflows crossed $7 billion mark on Thursday. During the week, FPIs bought cash equities worth $430 million. Domestic Institutional Investors (DIIs) on the other hand sold equities worth $99 million during the week. As of Friday, the Indian markets had their biggest weekly advance in a month, with sustained buying by foreign investors and gains in pharmaceutical and automobile stocks.
TECHNICAL ANALYSIS FOR NIFTY
The index looks quite bullish! Even the Asian markets and the SGX July Nifty is also trading a minor premium at 8641 as we write this Market Outlook. In upcoming  session so long as the 8580-level is maintained, there is no problem for the bulls at all. It could head even higher even if there were to be an intraday dip that does not breach 8580 on a sustained basis. However, crossing the level of 8636 would be quite important for the index since only when it stays above this level then we can expect it to cross 8650 or higher. On the downside, if it were to fall below 8580 on a sustained campaign expect 8543 – 8538 support area getting tested. However, only if the level of 8515 is taken out on any major profit taking the bulls would lose their advantage.
ABOVE 8636 IT IS BULLS AREA 
BULLS CAN MOVE TOWARDS 8650 AND 8700 
BEARS ARE ALSO CAN BE ACTIVE  
BELOW 8580 BEARS HAVE TARGET AT 8500 AND AT 8450
DAILY CANDLESTICK PATTERN BULLISH DOJI STAR
An uptrend is being observed, and the white candlestick confirms the continuation of the uptrend. The appearance of the short candlestick that makes a gap indicates that bulls are still pushing up the price. However, the tight price action on the second day between the open and the close shows indecision. The third day is a black body that moves into the first day’s white body. A significant trend reversal has occurred. third day’s closing must reach the midpoint between the first day’s opening and the second day’s highest body level.

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