WEEKLY
RESISTANCE FOR NIFTY: 7933, 7986, 8015, 8044
PIVOT
POINT: 7880
WEEKLY
SUPPORT FOR NIFTY : 7851,7822,7769,7634
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: , 7837, 7861, 7886,7913
PIVOT
POINT: 7745
DAILY
SUPPORT FOR NIFTY : 7783, 7758, 7682, 7631
DAILY
CHART FOR NIFTY
Sensex opened the week at 25150, made a high of 25776, low of 25081 and closed the week at 25496. Thus it closed the week with a gain of 268 points. At the same time the Nifty opened the week at 7733, made a high of 7939, low of 7700.95 and closed the week at 7832. Thus the Nifty closed the week with a gain of 60 points.
SELL IN MAY & GO ON A VACATION.
Historically,
the stock market associates the month of May with Bearishness. This time too,
it is playing out in a similar fashion as the Bears have started taking
command. The old adage “Sell in May & Go on a Vacation” holds particularly
true, as the market seems ready to test lower levels going forward. The short
term trend has turned negative this week, as now every rally is being sold
into, with 20dma and 200dma providing strong Resistances. The Bulls have a
flicker of hope as the market has taken support at the Bullish Gap between
Sensex 25358-25180 and Nifty 7772-7717 and closed within it.
Every
downfall would be an opportunity to go long
Indian Stock Market would open negative. Some sharp
correction may be seen but it would be temporary until 7780 is not breached on
negative side. Technically, Indian Stock Market is still in positive zone.
Traders should continue to hold long positions as of now. Every downfall would
be an opportunity for traders to go long in the market. Market is looking to
see a sharp breakout if closes above 8000 levels for Nifty. Next logical target
for Nifty would be 7975-8000 and breaching levels of 8000 would force Nifty to
see levels of 8150. Today, Bank of Baroda Results would be disclosed that would
direct PSU Bank and even BankNifty on Monday. BankNifty would move sharply
positive in days to come, if BOB results are better than expectations as it
would force PSU banks to move sharply positive. Nifty would see strong support
at 7848-7815-7775-7730 whereas strong resistance would be seen at
7926-7980-8005-8080 levels. Since, 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 7823 and closed above it. Nifty continues to remain above the
medium term average of 55 dma Nifty 7712 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:
STAR,PETRONET,BFUTILITIE,VOLTAS,MOTHERSUMI,JSWSTEEL,CESC,LUPIN,ITC,JUSTDIAL
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