19 March 2016

NIFTY CHART & NIFTY WEEKLY REPORT FOR UPCOMING WEEK 21 MARCH 2016

WEEKLY RESISTANCE FOR NIFTY: 7563, 7603, 7655, 7794
PIVOT POINT: 7518
WEEKLY SUPPORT FOR NIFTY :  7471, 7423, 7379,7242
WEEKLY CHAT FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 7639, 7655, 7672, 7763
PIVOT POINT: 7581
DAILY SUPPORT FOR NIFTY :  7564, 7548, 7500, 7444
DAILY CHART FOR NIFTY


















Sensex on Friday jumped by 275 points to settle at an over two-month high of 24,952.74 and also logged its third weekly gain as foreign funds continued to pump in money amid a firm global cues on dovish stance by the US Federal Reserve.Sensex opened the week at 24801, made a high of 24986, low of 24354 and closed the week at 24952. Thus it closed the week with a gain of 275 points. At the same time the Nifty opened the week at 7536, made a high of 7615, low of 7405 and closed the week at 7605.
NIFTY FUTURE AS PER TECHNICAL
ON THE WAY TO 7720.
The Pull-Back has been so ferocious that the Nifty overcame the strong Resistance zone between 7534-7600. It took several attempts to overcome this level and finally it did it in a late surge on Friday. Nifty is now on its way to test the Measuring Gap Target of 7718. In a strong Bear market, it is not unusual to see the Pull-Backs getting extended, which is the case here. The strong nature of the Pull-Back rally will mislead many market participants into believing that the Bear market has ended but that is still not the case.
The market is witnessing a strong Pull-Back rally of the fall Nifty from 8336. The relevant Retracement levels for are placed at Nifty 7403-7581-7759. After overcoming the 50% Retracement last week, the indices are on its way to test the critical 61.8% Retracement level which is at Nifty 7759.
MACD and Price ROC both are positive and continue with their Buy signals. RSI (61) suggests Bullish Momentum. ADX has dropped further to below 20 and is at 18, suggesting that the prior Down-Trend has lost all its strength. This week, both the indices managed to stay and close above the short term average of 20dma Nifty – 7337 and even the medium term average of 50dma Nifty – 7356. But Nifty continue to remain well below the long term average of 200dma Nifty – 7908. Thus, the trend in the short term and medium term timeframe is positive whereas the trend in the long term timeframe remains bearish.
BEARS HAVE TO WAIT FOR A CLOSE BELOW 7400,
THEN 7300 AND 7250 ARE THE BEARS TARGETS,
BULLS HAVE TO WAIT FOR A CLOSE ABOVE  7615,
THEN 7700 AND 770 ARE THE BULLS TARGETS,
WEEKLY CANDLESTICK:
On the daily charts, both the indices have formed a big white body candle, which looks like a breakout candle. On the weekly charts both the indices have formed a small white body candle with a long shadow. The long lower shadow indicates buying at lower levels. Thus both daily as well as weekly candlestick pattern indicate a bullish bias.



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