WEEKLY
RESISTANCE FOR NIFTY: 7871, 7903, 7962, 8021
PIVOT
POINT: 7839
WEEKLY
SUPPORT FOR NIFTY : 7721,7689,7657,7566
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: , 7810, 7855, 7891,7928
PIVOT
POINT: 7782
DAILY
SUPPORT FOR NIFTY : 7737, 7723, 7709, 7672
DAILY
CHART FOR NIFTY
Sensex opened the week
at 25489, made a high of 25870, low of 25454 and closed the week at 25447. Thus
it closed the week with a loss of 50 points. At the same time the Nifty opened
the week at 7840, made a high of 7957, low of
7775.25 and closed the week at 7785. Thus the Nifty closed the week with
a loss of 47 points.
Market Entered
Negative Zone, Short at Every Positive Rally
Indian Stock Market would open flat. Technically, Indian Stock Market
has entered into negative zone. Today, some short-covering rally may be seen
after a sharp downfall but Traders should go short at every positive rally in
the market. Now next target for Nifty would be 7720-7685. Fears of FED Rate
Hike would further pressurize the markets across the globe. Overall, now market
would be considered negative and the trade is to go short at every rally in the
market for better profits. Few Indian Corporate Giants would disclose their q4
results today that would further affect the market direction.
This week, both the indices overcame the short term average of 22
dma Nifty 7830 and closed above it. Nifty continues to remain above the
medium term average of 55 dma Nifty 7730 but are just below the long term
average of 200dma Nifty 7800 . Thus the trend in the short term
timeframe has turned bearish; whereas the trend in the medium term timeframe
continues to remain down but the trend in the long term timeframe continues to
remain bearish. Nifty have started their
Retracement from critical levels of 7992. The failure of indices to overcome
the Resistance zone has resulted in the ongoing Correction of the entire upward
rally. The relevant Retracement levels are placed at Nifty 7546-7409-7271.Since, MACD
and Price ROC are both positive and have signaled a fresh Buy. RSI (48)
indicates bullish momentum.
Options
data for May series indicate highest Call Open Interest build-up has shifted to
the strike of 8000 and highest Put build-up continues to remain at 7700. Thus Option
data suggests a trading range with resistance coming in at 8000 and support at
7700.
IMPORTANT RESULTS NEXT
WEEK:
DISHTV,BPCL,CIPLA,COLPAL,GAIL,TATASTEEL,LT,APOLLOHOSP,BEML,SBIN,JETAIRWAYS
please say us what to do with Axis bank call option given on 12 may
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