WEEKLY
RESISTANCE FOR NIFTY: 8386, 8405, 8429, 8452
PIVOT
POINT: 8367
WEEKLY
SUPPORT FOR NIFTY : 8344,8320,8300,8882
WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 8347, 8365, 8376,8388
PIVOT
POINT: 8330
DAILY
SUPPORT FOR NIFTY : 8318, 8307, 8289, 8272
DAILY
CHART FOR NIFTY
Sensex opened the week
at 27169, made a high of 27360, low of 27047 and closed the week at 27126. Thus
it closed the week with a loss of 127 points. At the same time the Nifty opened
the week at 8385, made a high of 8415, low of 8295 and closed the
week at 8242. Thus the Nifty closed the week with a loss of 10 points. The
Indian equity market ended with marginal losses on Friday amid another
lackluster day of trades. Weak global cues and profit booking saw the indices
close with minor losses. Once again indices were unable to find a specific
direction for second consecutive day.
NEXT WEEK CRITICAL FOR THE MARKET.
As expected the market
went just up
to the Resistance zone of 8360-8379 for the Nifty and stopped. This Resistance zone holds great
significance as it is not just a Resistance zone but it also defines the long
term trend of the market. The neutral candlestick formations of last week have
done little to instill confidence in the
bulls. Thus coming week will be a critical test for the market not only for the
bulls but for the market itself.
TECHNICALLY SPEAKING
Technically,
Indian Stock Market is still in positive zone. Market is in consolidation
range. Market has formed Doji Pattern. Now if Nifty breaches levels of 8360
then it can see some further correction that can take Nifty to 8280-8250
levels. Overall Market is positive but some further correction can’t be ruled
out before next positive movement. Traders can go short in the market if Nifty
breaches levels of 8295 with stop loss of 8365 levels on spot basis. Breaching
levels of 8360 on the positive side would force market to see further positive
movement.
Since, MACD
and Price ROC are both positive and have signaled a fresh Buy. RSI (60)
indicates bullish momentum. This week,
both the indices managed to close above the short term average of 22 dma Nifty
– 8240, medium term average of 55 dma Nifty – 8080 and even the long term
average of 200 dma Nifty – 7911. Thus the trend in the short term, medium
term and the long term timeframe has turned Bullish.
WEEKLYCANDLESTICK: doji STAR
On the daily charts
Nifty have formed a Doji formation, which is second consecutive neutral formation over past two
days. On the weekly charts, both the indices have formed a small black body Star formation.
Thus the daily as well as
weekly candlestick pattern is suggesting a pause in the upward movement.
No comments:
Post a Comment