10 September 2016

NIFTY WEEKLY REPORT FOR 12 SEP TO 16 SEP 2016

WEEKLY RESISTANCE FOR NIFTY: 8988, 9022, 9042, 9116
PIVOT POINT: 8954
WEEKLY SUPPORT FOR NIFTY :  8914,8880,8846,8792

WEEKLY CHAT FOR NIFTY




















 DAILY RESISTANCE FOR NIFTY: 8927, 8939, 8958,8976
PIVOT POINT: 8915
DAILY SUPPORT FOR NIFTY :  8878, 8866, 8854, 8823
DAILY CHART FOR NIFTY
Sensex opened the week at 28631, made a high of 29077, low of 28631 and closed the week at 28797. Thus it closed the week with a gain of 265 points. At the same time the Nifty opened the week at 8852, made a high of 8968, low of 8848 and closed the week at 8866. Thus the Nifty closed the week with a gain of 57 points.
TREND REMAINS UP
After achieving the targets of Measuring Gap and Flag pattern, both Sensex and Nifty have gone into consolidation mode. For the indices to move up further, a consolidation is always welcome, as it fuels the rally to achieve higher levels. One should not mistake this short term correction as a reversal of trend. Since the trend remains up, one should use such dips in the market to create long positions in strong stocks.

TECHNICALLY SPEAKING
On the daily charts, Sensex has formed a Bearish Engulfing whereas Nifty has formed a black body candle but fails to form a bearish pattern. On the weekly charts, Nifty has formed a Shooting Star formation whereas the Sensex has failed to do so. Thus daily as well as weekly candlestick pattern suggests a bearish bias in the near term. MACD and Price ROC are both positive and continue in Buy mode. RSI (62) suggests bullish momentum. Stochastic Oscillator %K (86) has gone below %D giving a fresh Sell signal. ADX has increased to 25 which suggest that Uptrend is now gathering strength. Directional Indicators continues in Buy mode as +DI remains above –DI. This week, the indices remained comfortably above the short term average of 20dma Nifty – 8717, medium term average of 50dma Nifty – 8599 and even the long term average of 200dma Nifty – 7933. Thus the trend in the short term, medium term and even the long term timeframe continues to remain Bullish.

2 comments:

  1. I am holding 20 units of nifty CE 8900 and 10 units of Nifty 9100 CE both bought at 32 and 146 respectively. Should I hold on to them or sell ane enter short position on monday?

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    Replies
    1. Sir is it to late to ask for opinion as 9100 call is trading @ 9.Now wait for this to come up and in future rather than putting ypur money on blind bet seek professional guidance beforehand. If you call us on +918982086510 or provide your number we could be more helpful.

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