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DAILY RESISTANCE FOR NIFTY: 8251, 8297, 8393, 8489
PIVOT POINT: 8201
DAILY SUPPORT FOR NIFTY : 8155, 8105, 8009,7913
DAILY
CHART FOR NIFTY
WEEKLY RESISTANCE FOR NIFTY: 8292, 8379, 8597,8815
PIVOT POINT: 8161
WEEKLY SUPPORT FOR NIFTY : 8074, 7943, 7725,7507
WEEKLY SUPPORT FOR NIFTY : 8074, 7943, 7725,7507
WEEKLY
CHAT FOR NIFTY:
TECHNICAL ANALYSIS FOR
NIFTY
India’s stock markets rose on Friday to post their biggest weekly
gains since mid-June. Sensex rose 0.87%, or 233 points, to 27,079, posting a
3.27% gain for the week, its biggest since the week ended on 19 June and a
second consecutive weekly gain.The broader Nifty rose 0.74%, or 60.35% to close
at 8,205, rising 3% for the week. Nifty was volatile and choppy past few weeks.
Nifty did attempt pullback, but fell just short of 8200 areas. Nifty trading
weakfish just below its 200 EMA. Bull
likely to regain control only past 7960 areas above which can aim for 8225,8300
areas. Nifty future surrendered the gains of the previous day and
more. The open and high was same at 8199 and it failed to cross the critical
resistance around 8200. Though there was some recovery in the end of session,
it closed the day in the negative. The level of 8170 is the immediate hurdle
but the critical resistance is the 8200 region since the long term 200
exponential moving average is posited here. This level needs to be taken out
for confirmation that the long term trend has again turned up. A failure to do
so will send weak signal and bring in supplies. 8115-8105 is the important
support zone and a breach of this region will be a cause for concern for the
bulls. The critical level now is around 7990-8000 and a decisive breach of this
region will see the bears returning to the centers stage again.
AS PER TECHNICAL,
ABOVE 8210 IT IS BULLS AREA
BULLS CAN TARGET 8300 AND 8400,
BELOW 8190 BEARS ARE ALSO CAN BE ACTIVE
BELOW 8190 BEARS ARE ALSO CAN BE ACTIVE
BEARS CAN TARGET 8000 AND 7900,
WEEKLY CANDLESTICK PATTERN BEARISH DOJI
STAR
This pattern appears in
an uptrend and warns that the trend will change. It consists of a white
candlestick and a Doji with a gap up at the opening. If the Doji is in the form
of an Umbrella the pattern is called “Bearish Dragonfly Doji”. In case of an Inverted
Umbrella it is called “Bearish Gravestone Doji”. Here, all these patterns are
subsumed under the name: “Bearish Doji Star”, regardless of the shape of the
Doji.
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