WEEKLY
RESISTANCE FOR NIFTY: 8150, 8222, 8312, 8343
PIVOT
POINT: 7839
WEEKLY
SUPPORT FOR NIFTY : 7900,7862,7787,7622
WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: , 8170,8212,8276,8311
PIVOT
POINT: 7782
DAILY
SUPPORT FOR NIFTY : 8000, 7955,7911,7856
DAILY
CHART FOR NIFTY
Sensex opened the week at 25495, made a high of 26690, low of
25460 and closed the week at 26653. Thus it closed the week with a loss of 50
points. At the same time the Nifty opened the week at 7782,made a high
of 8181, low of 7722and closed the week at 8170. Thus the Nifty closed the
week with a loss of 47 points. Nifty would see strong support at
8005-7991-7959-7900 whereas strong resistance would be seen at
8086-8128-8180-8250 levels. The Indian equity market once again closed in the green
extending its winning streak to fourth straight session on Friday. The
Nifty closed at highest level in 7 months registering its biggest weekly
gain in nearly 3 months.
Continue Holding Long
Positions and Buy At Dips
Indian Stock Market would open
flat. Technically, Indian Stock Market is still in positive zone. Market may
see some profit booking today due to new contract but that would be temporary
in nature. Overall Market has seen a breakout and we would see sharp positive
movements in days to come. Next target is 8150-8250 for Nifty and 17500 for
BankNifty. If global cues support then this positive movement would continue
till 8500 levels for Nifty and 18000 levels for BankNifty. The only strategy
for the traders should be to hold long positions or initiate fresh long
positions at every dip in the market.
Since, MACD and Price ROC are both positive and have
signaled a fresh Buy. RSI (55) indicates bullish momentum. Options data
for May series indicate highest Call Open Interest build-up has shifted to the
strike of 8200 and highest Put build-up continues to remain at 7800.
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