NIFTY TECHNICAL REPORT DAILY & WEEKLY CHARTS FOR NEXT WEEK 17-08 -2015

 

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Daily	R4	R3	R2	R1	BULL	LOC	BEAR	S1	S2	S3	S4
Levels	8615	8535	8485	8454	8423	8388	8354	8323	8292	8242	8161

 

DAILY CHAT FOR NIFTY:  

Weekly	R3	R2	R1	REVERSAL	BULL	LOC	BEAR	REVERSAL	S1	S2	S3
Levels	8827	8737	8682	8613	8592	8575	8558	8537	8468	8413	8358

WEEKLY CHAT FOR NIFTY:

TECHNICAL ANALYSIS FOR NIFTY

Nifty ends above 8500, Sensex up 518 pts; PSU banks lead The Sensex was up 517 points or 1.9 percent at 28067 and the Nifty was up 162 points or 1.9 percent at 8518. Fresh slide in the nifty future halted as it moved within the range of the previous day, technically speaking it was an inside day. The next move will be clear in the next couple of days and is important as market action will reveal whether it was a respite in continuation of the slide or whether some meaningful pull back is in the offing. today, markets have closed moderately in the positive after three days of bear hammering. Though nifty futures have closed the day with gains, the chart formation is not very comfortable but confirmation is awaited from today’s movement. It opened the day on a promising note, gap up, and though It moved up to 8445 in intraday rally, it to cross 8454 barrier and post noon closed the gap as it breached the 8550 support and closed below it. 8300 is likely to offer some support as the 200 day exponential moving average is posited there. A decisive breach of this level will be significant since it is a long term moving average and will signal fresh downside momentum. On the higher side, 8597-8649 is the immediate resistance and a failure to cross it on rallies will have further bearish impact. It must now sustain above 8455 to signal the end of the slide and above 8597 to signal strength.

DAILY RESISTANCE FOR NIFTY: 8597, 8649, 8799, 8850

DAILY SUPPORT FOR NIFTY :  8447, 8349, 8199,8049

WEEKLY RESISTANCE FOR NIFTY: 8567, 8753, 9045,9337

WEEKLY SUPPORT FOR NIFTY :  8275, 8169, 7877,7585

ABOVE 8597 IT IS BULLS AREA 

BULLS CAN MOVE TOWARDS 8650 AND 8700 

BEARS ARE ALSO CAN BE ACTIVE  
BELOW 8447 BEARS HAVE TARGET AT 8400 AND AT 8350
DAILY CANDLESTICK PATTERN BULLISH TWO RABBITS

A downtrend has been in place, and the strong black candlestick adds to the bearishness that is already present. The following day opens lower with a gap down. Prices rise a little bit, and a short white candlestick is observed. The bears are not alarmed by this day, because even though a white body appears, prices fail to close above the close of the previous day. The third day opens at or below the close of the second day, but it rallies throughout the day and closes well within the body of the first day. The third day’s price action fills the gap of the second day, and shows that bearishness is eroding.