NIFTY CHART & NIFTY WEEKLY REPORT FOR UPCOMING WEEK 04 APRIL 2016

WEEKLY RESISTANCE FOR NIFTY: 7759, 7813, 7849, 7886

PIVOT POINT: 7705

WEEKLY SUPPORT FOR NIFTY :  7668,7632,7578,7524

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 7761, 7780, 7820, 7844

PIVOT POINT: 7742

DAILY SUPPORT FOR NIFTY :  7727, 7693, 7674, 7606

DAILY CHART FOR NIFTY

Sensex opened the week at 25345, made a high of 25474, low of 25130 and closed the week at 25269. Thus it closed the week with a loss of 302 points. At the same time the Nifty opened the week at 7715, made a high of 7778, low of 7597 and closed the week at 7740. Thus the Nifty closed the week with a gain of 40 points.

NIFTY FUTURE AS PER TECHNICAL

This week, both the indices managed to stay and close above the short term average of 22 dma Nifty – 7640 and even the medium term average of 50dma Nifty – 7516. and Nifty still continue to remain well below the long term average of 200dma Nifty – 7840. Thus, the trend in the short term and medium term timeframe is positive. As we have mentioned last week that the support for the index lies in the zone of 7800 to 7900 where 100 & 500 Daily SMA is lying. If the index manages to close below this levels then the index can seen to the levels of 7400 to 7500 where short term moving averages are lying. During the next week the index manages to hit a level of 7846 and bounce to close the week around the levels of 8025. Support for the index lies in the zone of 7750 to 7800 where 100 & 500 Daily SMA is lying. If the index manages to close below this level then the index can drift to the levels of 7400 to 7500 where short term moving averages are lying.

The index has closed around the strong resistance zone of 8000 where 200 Daily SMA is lying. If the index manages to close above this levels then the index can move to the levels of 8300 from where the index has sold off in the month of Jan – 2016. Broad range for the index is seen from 7700 to 7750 on downside to 8100 to 8150 on upside. MACD and Price ROC both are positive and continue with their Buy signals. RSI (65) suggests Bullish Momentum.

WEEKLY CANDLESTICK:

The market is in a uptrend and a strong opening candlestick further confirms it. The next day opens upper with a gap up, and the trading is in a small range. The day closes at the opening price, causing the formation of a Doji. Bears 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 downward energy is dissipating. Things are not favorable for the continuation of a bear market.