NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 23 NOVEMBER 2015

DAILY RESISTANCE FOR NIFTY: 7908, 7966, 8022, 8076

PIVOT POINT: 7865

DAILY SUPPORT FOR NIFTY :  7807, 7774, 7712,7663

DAILY CHART FOR NIFTY

DAILY RESISTANCE FOR BANKNIFTY: 17210, 17350, ,17450,17600

PIVOT POINT: 7818

DAILY SUPPORT FOR BANKNIFTY :  17900, 17822, 17711,17500

DAILY CHAT FOR BANKNIFTY

Sensex rallied as many as 217 points in intraday trade, but pared most of the gains in last hour of trade to close at 25,868, up 0.10 per cent, or 27 points. The 50-stock barometer Nifty50 gained 14 points, or 0.18 per cent, at 7,851. The index ended the week with gains for the first time in four; Sensex gains 257 points, or 1 per cent while NIfty was up 94 points, or 1/21 per cent. Banknifty close at 17050, up 0.5 per cent, or 92 points. Made high of 17349 and made low of 16787.

TECHNICAL ANALYSIS FOR NIFTYAS PER TECHNICAL,

Nifty Future again reclaimed the 7800 region as it closed the day in the positive. The 7880-7900 remains the critical resistance and the bulls must absorb the supply in this region and move decisively above this zone for any show of strength. On the lower side, 7810 is the immediate support below which 7775-7790 is an important demand line. 7725 is now a key support and if breached decisively may bring in panic supplies and may lead to 7705, 7665 levels.

ABOVE 7860 IT IS BULLS AREA 

BULLS CAN TARGET 8950 AND 8200,
BELOW 7810 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 7758 AND 7700,

Bank nifty future recovered part of the losses of the previous day and closed the day in the positive. 17040 is the important support but the 16966 region may now be considered a key support on declines and a breach of this level is likely to take it bring in fresh panic supplies. As long as 16690 holds on declines, we may consider that a short term bottom has been formed and a breach of this region will lead to fresh offloading. On the higher side, 17130, 17197, 17260 and 17320 are hurdles that need to be taken out for placing it on path to recovery and fresh demand is likely above the 17360 level.

ABOVE 17160 IT IS BULLS AREA 

BULLS CAN TARGET 17300 AND 17600,
BELOW 16990 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 16900 AND 16750,