8 August 2015

NIFTY TECHNICAL REPORT DAILY & WEEKLY CHARTS FOR NEXT WEEK 10-08 -2015

DAILY RESISTANCE FOR NIFTY: 8617, 8640, 8684, 8728
PIVOT POINT: 8596
DAILY SUPPORT FOR NIFTY :  8573, 8552, 8508,8464
DAILY CHAT FOR NIFTY:  

















WEEKLY RESISTANCE FOR NIFTY: 8673, 8752, 8943,9134
PIVOT POINT: 8561
WEEKLY SUPPORT FOR NIFTY :  8482, 8370, 8179,7988
WEEKLY CHAT FOR NIFTY:

















TECHNICAL ANALYSIS FOR NIFTY
The Sensex was down 61  points at 28236 as PSU banks corrected while oil stocks surged. The Nifty slipped 24 points at 8564. About 1379 shares advanced, 1545 shares declined and 152 shares were unchanged. Nifty future opened on a shaky note but moved up firmly for the rest of the session and has closed above the 8600 region. It is a continuation formation on the charts since a higher low and higher high was posted in this session. Having closed above 8600 after a few failed attempts, this region will be crucial in determining the movement for the day. It is the immediate support and as long as this holds on dips, the going is to be strong with 8700 as the net target. Below 8600, support will be found in the 8590, 8565, 8530, 8500 region but the critical level is around 8475-8470 and a close below this level will signal weakness.
Price if sustains above 8590 - may rally till 8680. 
ABOVE 8617 IT IS BULLS AREA 
BULLS CAN MOVE TOWARDS 8650 AND 8700 
BEARS ARE ALSO CAN BE ACTIVE  
BELOW 8573 BEARS HAVE TARGET AT 8500 AND AT 8400
DAILY CANDLESTICK PATTERN BEARISH TRI STAR
In the case of a Bearish Tri Star we have a market, w1hich is in an uptrend for a long time. However, the weakening trend is probably indicated by the bodies that are becoming smaller. The first doji is a matter of concern. The second Doji clearly indicates that market is losing its direction. Finally, the third doji warns that the uptrend is over. This pattern indicates too much indecision leading to the reversal of positions.

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