7 May 2016

NIFTY WEEKLY REPORT FOR 09 MAY TO 13 MAY 2016

WEEKLY RESISTANCE FOR NIFTY: 7861, 7906, 7973, 8039
PIVOT POINT: 7815
WEEKLY SUPPORT FOR NIFTY :  7749,7682,7637,7591
WEEKLY CHAT FOR NIFTY




















DAILY RESISTANCE FOR NIFTY: , 7767, 7789, 7801,7848
PIVOT POINT: 7745
DAILY SUPPORT FOR NIFTY :  7720, 7698, 7676, 7641
DAILY CHART FOR NIFTY


















Sensex opened the week at 25569, made a high of 25747, low of 25212 and closed the week at 25228. Thus it closed the week with a loss of 378 points. At the same time the Nifty opened the week at 7858, made a high of 7949, low of 7701 and closed the week at 7764. Thus the Nifty closed the week with a loss of 89 points.
TECHNICALLY SPEAKING.
Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in negative zone. Analysis would still remain same. The downtrend looks to be capped around 7600-7500 levels. Now market is looking for direction. If market rebounds from here and closes above 7800 then we would consider that market has already bottomed out. Breaching levels of 8000 for Nifty and 17100 for BankNifty would confirm an Inverse Head and Shoulder Pattern (Bullish Pattern), which would force market to see a sharp breakout. Until then, we would consider market to be negative and 7600-7500 would be considered as very strong support for Nifty. FIIs were net sellers of Rs.388.51 crores whereas DIIs were net buyers of Rs.251.79 crores in cash market for last trading session. Nifty would see strong support at 7705-7685-7650-7615-7600 whereas strong resistance would be seen at 7795-7830-7865-7900 levels. MACD and Price ROC are both positive and have signaled a fresh Buy. RSI (50) indicates bullish momentum. 
This week, both the indices overcame the short term average of 22 dma Nifty 7790 and closed below  it. Nifty continues to remain above the medium term average of 50dma Nifty 7680 but are just below the long term average of 200dma Nifty  7800 . Thus the trend in the short term timeframe has turned bullish; whereas the trend in the medium term timeframe continues to remain down but the trend in the long term timeframe continues to remain bullish.
IMPORTANT RESULTS NEXT WEEK: 
APOLLOTYRE, HINDUNILVR,ZEEL, ASIANPAINT, HAVELLS,ARVIND, GLENMARK, UCO BANK
WEEKLY CANDLESTICK: BEARISH TRI STAR
In the case of a Bearish Tri Star we have a market, which is in an uptrend for a long time. However, the weakening trend is probably indicated by the bodies that are becoming smaller. The first doji is a matter of concern. The second Doji clearly indicates that market is losing its direction. Finally, the third doji warns that the uptrend is over. This pattern indicates too much indecision leading to the reversal of positions.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 higher of the last two highs. Following the bearish signal, if prices go up instead of going down, and close or make two consecutive daily highs then it may seen some bullish trend also. 

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