NIFTY WEEKLY REPORT FOR 16 AUG TO 19 AUG 2016

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WEEKLY RESISTANCE FOR NIFTY: 8690, 8722, 8780, 8840

PIVOT POINT: 8635

WEEKLY SUPPORT FOR NIFTY : 8550,8500,8470,8432

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8722, 8733, 8746,8760

PIVOT POINT: 8715

DAILY SUPPORT FOR NIFTY : 8660, 8655, 8610, 8590

DAILY CHART FOR NIFTY

Sensex opened the week at 27939, made a high of 28100, low of 27713 and closed the week at 28152. Thus it closed the week with loss of 248 points. At the same time the Nifty opened the week at 8748, made a high of 8760, low of 8565 and closed the week at 8672. Finally, the Sensex ended with a gain of 293 points at 28,152. The Sensex opened at 27,919 touched an intra-day high of 28,203 and low of 27,901. The Indian equity market rallied for the second consecutive session. Positive cues from Asian markets aided the upmove on the domestic bourses.

MIDCAPS CONTINUE TO OUTPERFORM.

A bullish breakout was observed last week as the Nifty moved well above the 8600 mark. As a result of GST bill, Nifty is now headed towards the Flag pattern target of 8869. Nifty continues to move in a small range (8594-8476) of just 118 points. This can be termed as a Consolidation with a bullish bias. A narrow range seems like a precursor of a bigger move which is likely to follow. A break on the lower side of the range will lead the Nifty to test the weekly Bullish Gap between 8407-8398; whereas a bullish breakout to the trading range will lead the Nifty towards the Flag target of 8869.

TECHNICALLY SPEAKING

This week, both the indices tested the short term average of 20dma Nifty 8600 but managed to hold and close above it. Both the indices continue to remain well above the medium term average of 50dma Nifty – 8380 and even the long term average of 200dma Nifty – 7987. Thus the trend in the short term, medium term and even the long term timeframe continues to remain Bullish. MACD continues in Sell mode despite being in positive zone. Price ROC has just turned positive and has signaled a Buy. RSI (65) suggests bullish momentum. Stochastic Oscillator %K (82) has just gone above %D; hence it is a fresh Buy. ADX has improved to 29 which suggest that Uptrend is getting stronger. Directional Indicators continue in Buy mode as +DI is above –DI. MFI (49) suggests Negative Money Flow. Thus majority of Oscillators are still suggesting a slight bullish bias in the near term. On the weekly charts, both Sensex and Nifty have made a small Black body Star which is a neutral formation. On the daily charts, both the indices have formed a Bullish Harami pattern, which is a Bullish Reversal pattern. But in this case, it will have little significance as it has formed in a sideways consolidation. Thus daily as well as candlestick analysis suggests a consolidation in the near term with a bullish bias.