NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 07 DEC 2015

DAILY RESISTANCE FOR NIFTY: 7847, 7874, 7920, 7966

PIVOT POINT: 7828

DAILY SUPPORT FOR NIFTY :  7801, 7782, 7736,7690

DAILY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 7946, 8073 ,8168,8263

PIVOT POINT: 7878

WEEKLY SUPPORT FOR NIFTY :  7751, 7711, 7683,7615

WEEKLY CHAT FOR NIFTY

TECHNICAL ANALYSIS FOR NIFTY FUTURE AS PER TECHNICAL,

Sensex opened the week at 26142, made a high of 26256, low of 25623 and closed the week at 25638. Thus it closed the week with a loss of 490 points. At the same time the Nifty opened the week at 7936, made a high of 7979, low of 7775 and closed the week at 7781. Thus the Nifty closed the week with a loss of 161 points. We had mentioned in the last week’s closing report that Nifty, Sensex were headed higher and that as long as Nifty stays above 7,800, it will be bullish. The Indian stock markets failed to stay above the threshold level of 7,800 and the major indices have been falling for most of the week. Friday was no exception and the Nifty fell by 1.05% to close at 7,781.90. Weekly losses of the major indices have been in the range of 2%. 

All hopes of Nifty climbing back over 8000 levels were dashed, as Nifty descend started after touching an intraweek high of 7979. both the indices still remain in a range of 8100 and 7700, the threat of breaking the lower boundary has increased due to the formation of Three Black Crows on daily charts. Interestingly, if Nifty closes below 7723, then it would have completed a bearish pattern and the target for that will be around 7092.

ABOVE 8022 IT IS BULLS AREA 

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

BEARS CAN TARGET 7700 AND 7400,