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DAILY RESISTANCE FOR NIFTY: 7832, 7877, 7900, 8013
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
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
BELOW 7745 BEARS ARE ALSO CAN BE ACTIVE
BEARS
CAN TARGET 7600 AND 7500,
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