20 August 2016

NIFTY WEEKLY REPORT FOR 22 AUG TO 26 AUG 2016

WEEKLY RESISTANCE FOR NIFTY: 8700, 8758, 8782, 8839
PIVOT POINT: 8667
WEEKLY SUPPORT FOR NIFTY :  8643,8618,8585,8552

WEEKLY CHAT FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 8691, 8703, 8727,8751
PIVOT POINT: 8678
DAILY SUPPORT FOR NIFTY :  8654, 8642, 8629, 8600
DAILY CHART FOR NIFTY


















Sensex opened the week at 28026, made a high of 28201, low of 27955 and closed the week at 28077. In the week ended Friday, 19 August 2016, the Sensex fell 75.40 points or 0.26% to settle at 28,077. At the same time the Nifty opened the week at 8695, made a high of 8713, low of 8601  and closed the week at 8680. The Nifty fell 5.25 points or 0.06% to settle at 8,680.

TECHNICALLY SPEAKING
Technically, Indian Stock Market is in positive trend. Market would see further positive movement and Next target for BankNifty would be 19500-20000 levels. Now, traders should watch for Nifty resistance of 8750 levels. Once Nifty breaches those levels, we would see new highs in days to come. Overall market is positive and traders should hold long positions and add more on dips. Market is still in consolidation phase and further correction can’t be ruled out at this point of time. BankNifty would see immediate resistance at 19500 levels by closing and breaching these levels by closing would force market to see sharp breakout. BankNifty would surely see some correction but traders should continue to buy at dips as of now. BankNifty closes above 19400 levels, traders can expect the targets of 19500-20000 levels. Until then market would consolidate in a range bound region. Since, MACD and Price ROC both are positive and continue with their Buy signals. RSI (67) suggests bullish momentum. This week, both the indices continued to remain well above the short term average of 20dma Nifty – 8620, medium term average of 50dma Nifty – 8430 and even the long term average of 200dma Nifty – 8100. Thus the trend in the short term, medium term and the long term timeframe continues to remain Bullish.
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.

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  2. Good analysis.

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