12 March 2016

NIFTY CHART & NIFTY WEEKLY REPORT FOR UPCOMING WEEK 14 MARCH 2016

WEEKLY RESISTANCE FOR NIFTY: 7533, 7575, 7621, 7843
PIVOT POINT: 7491
WEEKLY SUPPORT FOR NIFTY :  7445, 7399, 7357,7227

WEEKLY CHAT FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 7532, 7560, 7580, 7600
PIVOT POINT: 7503
DAILY SUPPORT FOR NIFTY :  7463, 7435, 7435, 7358
DAILY CHART FOR NIFTY


















Sensex opened the week at 24770, made a high of 24830, low of 24480 and closed the week at 24750. Thus it closed the week with a gain of 100 points. For the week, the sensex rose 0.33 percent, marking a second consecutive weekly gain.The Sensex rose 0.38 percent to end at 24,717 points.At the same time the Nifty opened the week at 7473, made a high of 7583, low of 7404 and closed the week at 7420. Thus the Nifty closed the week with a gain of 40 points. The Nifty rose 0.32 percent to end at 7,520 after spending the day swinging between gains and losses as investors also booked profits in recent outperformers.
NIFTY FUTURE AS PER TECHNICAL
As we have mentioned last week that the nifty has closed around the strong resistance zone of 7500 to 7600 where short term moving averages. If the index manages to close above this levels then the index can move to the levels of 7800 to 7900 where 100 & 500 Daily EMA is lying. During the week the index manages to hit a high of 7751 and close the week around the levels of 7719.Support for the index lies in the zone of 7400 to 7500 where short term moving averages are lying. If the index manages to close below this levels then the index can drift to the levels of 7000 to 7100 where channel support for the index is lying. Resistance for the index lies in the zone of 7800 to 7900 where 100 & 500 Daily EMA is lying. If the index manages to close above this levels then the index can move to the levels of 8000 where 200 Daily EMA is lying.
Broad range for the index is seen from 7400 to 7500 on downside to 7900 to 8000 on upside.
BULLS ARE NOT ABLE TO HOLD OPENING GAINS,
NIFTY CLOSES AT 7520
BEARS HAVE TO WAIT FOR A CLOSE BELOW 7355,
THEN 7177 AND 7088 ARE THE BEARS TARGETS,
BULLS HAVE TO WAIT FOR A CLOSE ABOVE  7550,
THEN 7600 AND 7700 ARE THE BULLS TARGETS,
WE HOPE BEARS WILL RETURN BACK IF CLOSE BELOW 7355
NOW THE CORRECTION TARGETS ARE 7630, 7161,
WEEKLY CANDLESTICK: BEARISH DOJI STAR
The market is in an uptrend and a strong white candlestick further confirms it. The next day opens higher with a gap up, and the trading is in a small range. The day closes at the opening price, leading to the formation of a Doji. Bulls were in control during the uptrend but now a change is implied by the appearance of a Doji star, which shows that the bulls and the bears are in equilibrium. The upward energy is dissipating. Things are not favorable for the continuation of a bull market.

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