NIFTY WEEKLY REPORT FOR UPCOMING WEEK 11/04/2016

WEEKLY RESISTANCE FOR NIFTY: 7687, 7731, 7897, 8151

PIVOT POINT: 7643

WEEKLY SUPPORT FOR NIFTY :  7560,7477,7389,7262

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 7589, 7601, 7619, 7662

PIVOT POINT: 7576

DAILY SUPPORT FOR NIFTY :  7567, 7546, 7533, 7490

DAILY CHART FOR NIFTY

Sensex opened the week at 26974, made a high of 27555, low of 22494 and closed the week at 24900. Thus it closed the week with a loss of 369 points. At the same time the Nifty opened the week at 7540, made a high of 7809, low of 7540 and closed the week at 7578. Thus the Nifty closed the week with a gain of 183 points.

NIFTY FUTURE AS PER TECHNICAL

This week, both the indices managed to stay and close above the short term average of 55 dma Nifty – 7530 and even the medium term average of 22 dma Nifty – 7580. and Nifty still continue to remain well below the long term average of 200dma Nifty – 7780. MACD and Price ROC both are negative and continue with their Buy signals. RSI (50) suggests Bullish Momentum.

Minor resistance for the index lies in the zone of 7634. Resistance for the index lies in the zone of 7800 where 200 EMA is lying. If the index manages to close above this levels then the index can move to the levels of 8000. As we have mentioned last week that strong resistance for the index lies in the zone of 7750 to 7800 where 22, 55 and 100 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 7800. During the week the index manages to hit a low of 7540 and close the week around the levels of 7578. Strong support for the index lies in the zone of 7200 to 7100 where  200 and 1000 Daily SMA is lying. If the index manages to close below this levels then the index can drift to the levels of 7800.

WEEKLY CANDLESTICK: BEARISH BELT HOLD

The market opens higher, with a significant gap in the direction of the prevailing uptrend. So, the first impression reflected in the opening price is the continuation of the uptrend. However, after the market opening, things change rapidly and the market moves in the opposite direction from there on. This causes much concern among the bulls, leading them to sell many positions, which could reverse the direction of the trend and start a sell-off.The confirmation level is defined as the last close. Prices should cross below this level for confirmation.The stop loss level is defined as the last high. Following the bearish signal, if prices go up instead of going down, and close or make two consecutive daily highs above the stop loss level, while no bullish pattern is detected, then the stop loss is triggered.