NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 30 NOVEMBER 2015

DAILY RESISTANCE FOR NIFTY: 8000, 8028, 8099, 8170

PIVOT POINT: 7957

DAILY SUPPORT FOR NIFTY :  7929, 7886, 7815,7744

DAILY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 8036, 8085 ,8122,8200

PIVOT POINT: 7921

WEEKLY SUPPORT FOR NIFTY :  7875, 7811, 7742,7622

WEEKLY CHAT FOR NIFTY

Sensex opened the week at 25785, made a high of 26184, low of 25703 and closed the week at 26128. Thus it closed the week with a gain of 260 points. At the same time the Nifty opened the week at 7869, made a high of 7985, low of 7806 and closed the week at 7972. Thus the Nifty closed the week with a gain of 86 points.

TECHNICAL ANALYSIS FOR NIFTY FUTURE AS PER TECHNICAL,

Both the indices have formed a real White body candle on the weekly charts which comes on the back of Bullish Engulfing formed last week. On the daily charts the story remains same as both the indices have formed a white body candle which is in continuation of the ongoing pull-back. Thus candlestick study on the weekly as well as daily time frame suggests a bullish bias in the near term..Nifty continues to oscillate in a trading range between 7700 on the lower side and 8100 on the higher side. But as pointed out in the previous week’s article the Resistance zone between Sensex 26264-26279 and Nifty 7951-7965 has been very strong and both the indices have closed just shy of this zone. Even as some oscillators are turning positive, the trend in intermediate and long term timeframe remains down. This week, both the indices continued to remain below the medium term average of 50dma (Sensex – 26371 and Nifty – 7996) and the long term average of 200dma (Sensex – 27436 and Nifty – 8307). However, Nifty has managed to close above the short term average of 20dma (Sensex – 26141 and Nifty – 7905) whereas Sensex remains below it. Thus the trend in the medium term and long term timeframe continues to remain bearish whereas the fight for the short term trend continues.

ABOVE 8022 IT IS BULLS AREA 

BULLS CAN TARGET 8100 AND 8200,
BELOW 7900 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 7800 AND 7700,