NIFTY CHART & NIFTY WEEKLY REPORT FOR UPCOMING WEEK 01 FEB 2016

WEEKLY RESISTANCE FOR NIFTY: 7471, 7492, 7514, 7550

PIVOT POINT: 7441

WEEKLY SUPPORT FOR NIFTY :  7398, 7383, 7368,7295

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 7571, 7612, 7636,7660

PIVOT POINT: 7531

DAILY SUPPORT FOR NIFTY :  7483, 7442, 7402,7273

DAILY CHART FOR NIFTY

Sensex opened the week at 24540, made a high of 24911, low of 24340 and closed the week at 24870. Thus it closed the week with a gain of 435 points. At the same time the Nifty opened the week at 7468, made a high of 7575, low of 7402 and closed the week at 7563. Thus the Nifty closed the week with a gain of 141 points.

NIFTY FUTURE AS PER TECHNICAL,

This week our markets rallied on the back of positive global markets, and as a result the relief rally got extended. the short term trend has turned positive and now the market seems to be on its way to test the strong Resistance zone between Nifty 7674-7721. It should be kept in mind that the current rally is just a relief rally and one should not be surprised if the rally gets sold into.

On the daily charts, both the indices have formed a big Opening White body Marubuzo which is a bullish pattern. On the weekly charts both the indices have formed a Morning Doji Star formation which is also a bullish reversal pattern. Thus both daily and weekly candlestick study indicates bullish bias in the near term. The big Opening white body Marubuzo completed a Bullish Flag on the daily charts. The target as per this pattern falls at  7733 for the Nifty. These targets will be achieved as long as Nifty above 7402.

The ongoing upward rally is a Relief rally and it is correcting the recent fall from 7972 to 7241 for the Nifty. The relevant Retracement levels are  7520-7607-7693 for the Nifty.

MACD and Price ROC have signaled a fresh Buy. RSI has just turned 50, suggesting a shift towards bullish momentum. This week, both the indices tested and closed above the short term average of 20dma Nifty  7535 . However, Nifty continue to remain below the medium term average of 50dma Nifty  7704 and even the long term average of 200dma Nifty  8088 . Thus the trend in the short term time frame has turned bullish, whereas the trend in the medium term and long term time frame continues to remain bearish.