29 April 2016

NIFTY WEEKLY REPORT FOR 02 MAY TO 6 MAY'2016

WEEKLY RESISTANCE FOR NIFTY: 7926, 7959, 8011, 8063
PIVOT POINT: 7894
WEEKLY SUPPORT FOR NIFTY :  7842,7757,7725,7641

WEEKLY CHAT FOR NIFTY




















DAILY RESISTANCE FOR NIFTY: , 7896, 7918, 7951,7983
PIVOT POINT: 7874
DAILY SUPPORT FOR NIFTY :  7809, 7787, 7865, 7706
DAILY CHART FOR NIFTY





















Sensex opened the week at 25862, made a high of 26089, low of 25431 and closed the week at 25606. Thus it closed the week with a loss of 235 points. At the same time the Nifty opened the week at 7905, made a high of 8000, low of 7831 and closed the week at 7853. Thus the Nifty closed the week with a loss of 60 points.
TECHNICALLY SPEAKING.
"SENSEX BELOW 200DMA."
This is a critical time for the market, as the indices grapple with the long term average of 200dma. Interestingly, Nifty overcame the 200dma and closed above it but Sensex failed to do so. A failure to overcome the 200dma in next week will not spell good news for the Bulls. Besides, the indices are facing a very strong confluence zone between Sensex 26256-26259 and Nifty 7979-8000. Only a close above it will pave the way for further upward move or else expect the downward slide to resume.
Indian Stock Market opened flat for the day. Complete Asian Market fell down sharply after Bank Of Japan’s monetary policy. strong support at 7815-7800-7780-7750 whereas strong resistance would be seen at 7900-7925-7980-8008 levels. Since,
A strong Resistance zone is seen at  Nifty 7972-7979, which is due to the confluence of 50% Retracement Nifty - 7972 and previous intermittent tops Nifty - 7979. Thus for further upward rally to continue, it is necessary for the indices to overcome the above Resistance zone.
If the indices fail to overcome the Resistance zone mentioned above and form a bearish candle for the coming week, then the downslide will resume. Immediate Support in that case will be seen at the Bullish Rising Gap between Nifty 7772-7717. MACD and Price ROC are both positive and have signaled a fresh Buy. RSI (60) indicates bullish momentum. This week, both the indices overcame the short term average of 22 dma Nifty 7790 and closed above it. Nifty continues to remain above the medium term average of 50dma Nifty 7840 but are just below the long term average of 200dma Nifty  8000 . 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: HDFC, L&T, TVSMOTOR, CENTURYTEX, JINDALSTEL, SKSMICRO, HEXAWARE, WOCKPHARMA, TITAN, SUNPHARMA, HEROMOTOCO, RELCAPITAL

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