WEEKLY
RESISTANCE FOR NIFTY: 8580, 8632, 8661, 8689
PIVOT
POINT: 8527
WEEKLY
SUPPORT FOR NIFTY : 8499,8470,8418,8364
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 8580, 8599, 8620,8641
PIVOT
POINT: 8562
DAILY
SUPPORT FOR NIFTY : 8541, 8520, 8500, 8483
DAILY
CHART FOR NIFTY
Sensex
opened the week at 27208, made a high of 28039, low of 27047 and closed the
week at 27852. Thus it closed the week with gain of 726 points. At the same
time the Nifty opened the week at 8432, made a high of 8604, low of
8422 and closed the week at 8557. Thus it closed the week with gain of 227
points. The Indian stock market closed lower on Friday with the Nifty closing above
the 8550 mark. The benchmarks under-performed the Asian peers, as index
heavyweight Infosys posted disappointing results and slashed revenue
forecasts.
CONSOLIDATION AUGURS WELL FOR BULLS.
In a Bull market,
it is normal to have a consolidation after a sharp upward move (more than 227 points on Nifty in 6
trading sessions). The current consolidation augurs well for the Bulls, as it
will provide adequate strength to the Bulls to challenge the immediate short
term top (Nifty 8600) and then
continue with its upward journey. One positive aspect for the week was the
Sensex closing above the strong Retracement level of 61.8% i.e. 27852 for three trading
sessions. As long as it trades above this level, one can expect the indices to
challenge their life time highs.
Continue Holding
Long Positions till
NIFTY HOLD 8500 Technically, Indian Stock Market is still in positive zone.
Market would see further positive momentum. Nifty possess final strong resistance
at 8635, closing above these levels would force market to see new highs in days
to come. 8500 would act as very strong support for Nifty, so traders can hold
long positions with stoploss below 8500 levels for Nifty. then nifty would
see another 100-200 points on upside in a days to come. At this point we
would recommend lightening your long positions. And if nifty closes above 8635
then it would be better to long via nifty calls rather to take big position in
nifty future.
TECHNICALLY SPEAKING Indian Stock Market is still in
positive zone. Market may see some profit booking today due to Friday and heavyweight Infosys posted
disappointing results and slashed revenue forecasts. 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 8650-8700 for Nifty. If upcoming
results support then this positive movement would continue till 8700 levels for
Nifty The only strategy for the traders should be to hold long positions or
initiate fresh long positions at every dip in the market. and Expectations of a good monsoon have once again
reinforced the confidence among market participants that the growth may come
back on a good note, timely onset of the monsoons
will be a positive for the markets. Since, MACD and Price ROC are both positive and have
signaled a fresh Buy. RSI (70) indicates bullish momentum. A strong break below 8500 will
increase the downside pressure and drag it to 8400/8300. Traders can go short
on a break below 8500.On the other hand, a decisive break above 8635 will ease
the downside pressure and take the index futures higher to 8650 and 8700
thereafter.
This week,
both the indices managed to close above the short term average of 20dma Nifty –
8350, medium term average of 50dma Nifty 8154 and even the long term average of 200dma Nifty
7941. Thus the trend in the short term, medium term and the long term timeframe
has turned Bullish.
hey Deepak.... I am following your posts for past few days..thy look promising....keep up ur good work... thnk u
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