14 November 2015

NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 16 NOVEMBER 2015

DAILY RESISTANCE FOR NIFTY: 7797, 7824, 7878, 7932
PIVOT POINT: 7770
DAILY SUPPORT FOR NIFTY :  7743, 7716, 7662,7608

DAILY CHART FOR NIFTY





















WEEKLY RESISTANCE FOR NIFTY: 7922, 8020, ,8184,8248
PIVOT POINT: 7856
WEEKLY SUPPORT FOR NIFTY :  7758, 7750, 7692,7528
WEEKLY CHAT FOR NIFTY






















For the week, Sensex closed at 25,610 and  Nifty future closed at 7,770 down by 2.5% each. A lot has happened over the week in the political world as well as on the macro-economic front. The humbling defeat of the BJP in Bihar State Elections saw sharp cuts in key indices on Monday. A small pullback could not stop the selling pressure which was evident for the rest of the week except during muhurat trading

TECHNICAL ANALYSIS FOR NIFTYAS PER TECHNICAL,
Nifty futures took support around the 7800 region. We have seen that in the history of Indian stock market, political event fallouts are discounted with a gap down opening and a subsequent low on the next functioning trading day and that was what happened in the last trading session too. It rebounded from the 7790 level which in itself is a strong support, and as long as this level holds on declines, we may consider that a short term low has been formed for now. In any case, we anticipate that the range between 7812 and 7775 would not be violated at one go. after the initial volatility and probable retest of previous day’s supports, may move up on short covering subsequently. On the higher side, 7950 is the immediate resistance. The range 7990-8030 may act as a critical zone to watch out for Monday and an important hurdle and Nifty must take out this range decisively for signal that it is on the path to recovery which may take it up to the 8100 region once again with some resistance around 8070 and 8085.
ABOVE 8030 IT IS BULLS AREA 
BULLS CAN TARGET 8085 AND 8200,
BELOW 7770 BEARS ARE ALSO CAN BE ACTIVE  
BEARS CAN TARGET 7758 AND 7700,

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