NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 18 OCTOBER 2015

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DAILY RESISTANCE FOR NIFTY: 8301, 8341, 8456, 8571

PIVOT POINT: 8226

DAILY SUPPORT FOR NIFTY :  8186, 8111, 7996,7881

DAILY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 8258, 8329, 8483,8637

PIVOT POINT: 8175
WEEKLY SUPPORT FOR NIFTY :  8104, 8021, 7867,7713

WEEKLY CHAT FOR NIFTY:

TECHNICAL ANALYSIS FOR NIFTY

Nifty trading strong in short term just above its 20 EMA. Gap closed, doji at key resistance noted, technical structure suggest 8400 to be very stiff hurdle for nifty to overcome in medium term. Advised to book short term longs partially in 8225-8400 zones, keep appropriate trailing stops on rest of the long trades. 8100-8000 zones key supports, bears can be back in action only below 8000. Aggressive traders may look to go short close to 8400 with tight stops. Volatile & choppy moves likely in coming few weeks.

“TUG OF WAR” between bears & bulls near 8200 important mark ,as we saw in the last week, nifty future finally closed weekly above 8200 important support level .this is the first time weekly closing above 8200 level after September 2015 series low of 7560.technically! overall trend is bullish above 7541 level on  larger time frame charts, and short term trend now looking bullish above 8200 level or it will remain bullish for next week’s unless it will not break and closed weekly below 8200 important support mark.

AS PER TECHNICAL,

ABOVE 8226 IT IS BULLS AREA 

BULLS CAN TARGET 8350 AND 8450,
BELOW 8186 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 8100 AND 8000,