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.
No comments:
Post a Comment