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