19 December 2015

NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 21 DEC 2015

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DAILY RESISTANCE FOR NIFTY: 7832, 7877, 7900, 8013
PIVOT POINT: 7806
DAILY SUPPORT FOR NIFTY :  7769, 7737, 7668,7600
DAILY CHART FOR NIFTY



















WEEKLY RESISTANCE FOR NIFTY: 7909, 8000, 8029, 8179
PIVOT POINT: 7744
WEEKLY SUPPORT FOR NIFTY :  7657, 7624, 7542,7459
WEEKLY CHAT FOR NIFTY




















Sensex opened the week at 24935, made a high of 25831, low of 24867 and closed the week at 25519. Thus it closed the week with a gain of 475 points. At the same time the Nifty opened the week at 7558, made a high of 7864, low of 7579 and closed the week at 7790. Thus the Nifty closed the week with a gain of 151 points
 TECHNICAL ANALYSIS FOR NIFTY FUTURE AS PER TECHNICAL,
On the weekly charts, both the indices have formed a Piercing Line pattern which is a bullish reversal pattern. This pattern will remain in force till Sensex remains above 24867 and Nifty above 7551. On the daily charts, both Sensex and Nifty have formed a real black body candle after forming four white body candles. Thus weekly candlestick pattern suggests a bullish bias. After taking support at Sensex 24867 and Nifty 7551, the indices bounced back and are in a pull-back mode. The relevant Pull-Back levels are placed at Sensex 25918-26243-26567 and Nifty 7851-7944-8036.The Pull-Back rally stopped exactly at the Bearish Falling Gap between Sensex 25810-25857 and Nifty 7821-7853. This Gap is acting as a strong Resistance and until this gap is crossed; the Pull-back rally will be unable to continue On the higher side, there lies a very strong Resistance zone between Sensex 26243-26258 and Nifty 7944-7979 which is a result of confluence of 50% Retracement (Sensex 26243 and Nifty 7944), Intermediate Rally Top (Sensex 26256 and Nifty 7979) and 50dma (Sensex 26258 and Nifty 7954).
ABOVE 8000 IT IS BULLS AREA 
BULLS CAN TARGET 8100 AND 8200,
BELOW 7745 BEARS ARE ALSO CAN BE ACTIVE  
BEARS CAN TARGET 7600 AND 7500,

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