DAILY RESISTANCE FOR NIFTY: 7911, 7953, 8053, 8151
PIVOT POINT: 7854
DAILY SUPPORT FOR NIFTY : 7812, 7755, 7656,7557
DAILY
CHART FOR NIFTYWEEKLY RESISTANCE FOR NIFTY: 8017, 8165, 8465,8765
PIVOT POINT: 7865
WEEKLY SUPPORT FOR NIFTY : 7717, 7565, 7265,6965
WEEKLY SUPPORT FOR NIFTY : 7717, 7565, 7265,6965
WEEKLY CHAT FOR NIFTY:
NIFTY THIS WEEK
The
Nifty rose 22.55 points to 7868 and the Sensex gained 40 points at 25863. The
market breadth was positive as about 1444 shares advanced against 1238 shares
declined on the Bombay Stock Exchange. For
September series, the Nifty lost 1 percent and the Sensex declined 1.4 percent
while for the week, benchmark indices shed 1.4 percent. After a consolidation
in narrow range, the Nifty closed marginally higher on Thursday, the expiry day
for September Futures & Options contract. Nifty
future closing off the high of the day
but closed to it and in the positive despite a weak opening. 7895-7885 is the
immediate resistance which must be crossed decisively for the initial signal of
strength.
TECHNICAL ANALYSIS FOR
NIFTY
A gap down open marked last day’s session and Nifty future
posted the low of 7713 in the opening phase itself. There was a slow and steady
recovery for the rest of the day that peaked out around 7889 and some profit
booking was seen in the end of session. A failure to cross this region could
push this index further down for gaining gumption to cross this important
resistance. It must move above 7922 for any semblance of strength and sustain
decisively above 8036-8045 on closing basis for fresh momentum. On the lower
side, 7828-7810 is the immediate support zone and a breach of this region could
lead to further downswing. 7787 and 7714 are important supports and a decisive
breach of 7690 at this juncture could lead to fresh panic unwinding.
AS PER TECHNICAL,
ABOVE 8000 IT IS BULLS AREA
BULLS CAN TARGET 8100 AND 8250,
BELOW 7850 BEARS ARE ALSO CAN BE ACTIVE
BELOW 7850 BEARS ARE ALSO CAN BE ACTIVE
BEARS CAN TARGET 7800 AND 7700,
WEEKLY
CANDLESTICK PATTERN BULLISH LADDER BOTTOM
There is a considerable downtrend for some time
and the bears are happy. Then we see a good downward move. Prices start trading
above the opening price and almost reaching to the new high of the previous
day, but then they close at another new low. This action is a warning for
shorts telling them that the market will not go down forever. The shorts may
then be forced to reevaluate their positions and they may start closing their
positions on the next day if profits are good. This act is the reason behind
the upward gap we see on the last day of the pattern and also the close is
considerably higher. If the volume is high on the last day, a trend reversal
has probably occurred. However, a confirmation will still be required on the
next day.
No comments:
Post a Comment