NIFTY WEEKLY REPORT FOR UPCOMING WEEK 25/04/2016

WEEKLY RESISTANCE FOR NIFTY: 7948, 7981, 8015, 8049,8080

PIVOT POINT: 7916

WEEKLY SUPPORT FOR NIFTY :  7882,7848,7815,7783,7750

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 7927, 7943, 7957, 7971

PIVOT POINT: 7912

DAILY SUPPORT FOR NIFTY :  7898, 7884, 7868, 7823

DAILY CHART FOR NIFTY

Sensex opened the week at 25758, made a high of 26031, low of 25635 and closed the week at 25838. Thus it closed the week with a gain of 200 points. At the same time the Nifty opened the week at 7905, made a high of 7984, low of 7851 and closed the week at 7913. Thus the Nifty closed the week with a gain of 45 points.

TECHNICALLY SPEAKING.

Indian Stock Market opened positive for the day. BankNifty is discounted and can see breakout anytime with targets of 16800. Finally, BankNifty closed gap positive as predicted whereas Nifty and Sensex closed flat for the day. Sensex closed just below resistance levels of 25885. Indian Stock Market would open flat for the day. Technically, Indian Stock Market is still in positive zone. Now some profit booking can be seen but Market would be considered positive until Nifty holds 7842 levels. Once Nifty closes below 7842 levels, traders can initiate fresh shorts in Nifty. FIIs were net buyers of Rs.805.42 crores whereas DIIs were net buyers of Rs.65.72 crores in cash market for last trading session. Nifty would see strong support at 7850-7775-7730-7715 whereas strong resistance would be seen at 7980-8005-8025-8080 levels. MACD and Price ROC are both positive and have signalled a fresh Buy. RSI (55) indicates bullish momentum. This week, both the indices overcame the short term average of 22 dma Nifty 7678 and closed above it. Nifty continues to remain above the medium term average of 50dma Nifty 7830 but are just below the long term average of 200dma Nifty  7780 . Thus the trend in the short term timeframe has turned bullish; whereas the trend in the medium term timeframe continues to remain up but the trend in the long term timeframe continues to remain bearish.

IMPORTANT RESULTS NEXT WEEK: ICICIBANK, Indiabulls Housing Finance , UltraTech Cement , Axis Bank, Bharti Infratel , Maruti Suzuki India , Bharti Airtel , CEAT, IDEA,YESBANK

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.