NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 26 OCTOBER 2015

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DAILY RESISTANCE FOR NIFTY: 8340, 8420, 8480, 8550

PIVOT POINT: 8315

DAILY SUPPORT FOR NIFTY :  8270, 8200, 8160,8100

DAILY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 8301, 8341, 8424,8507

PIVOT POINT: 8258
WEEKLY SUPPORT FOR NIFTY :  8218, 8175, 8092,8009

WEEKLY CHAT FOR NIFTY:

Sensex opened the week at 27305, made a high of 27555, low of 27190 and closed the week at 27470. Thus it closed the week with a gain of 256 points. At the same time the Nifty opened the week at 8260, made a high of 8339, low of 8308 and closed the week at 8295. Thus the Nifty closed the week with a gain of 57 points.On the daily charts both Sensex and Nifty have formed a Doji formation, which is second consecutive neutral formation over past two days. On the weekly charts, both the indices have formed a small white body Star formation. Thus the daily as well as weekly candlestick pattern is suggesting a pause in the upward movement.

TECHNICAL ANALYSIS FOR NIFTY

As expected the market went just up to the Resistance zone of 8322-8379 for the Nifty and stopped. This Resistance zone holds great significance as it is not just a Resistance zone but it also defines the long term trend of the market. The neutral candlestick formations of last week have done little to instil confidence in the bulls. Thus coming week will be a critical test for the market not only for the bulls but for the market itself.

AS PER TECHNICAL,

ABOVE 8315 IT IS BULLS AREA 

BULLS CAN TARGET 8370 AND 8450,
BELOW 8250 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 8200 AND 8100,