17 September 2016

NIFTY WEEKLY REPORT FOR 19 SEP TO 23 SEP 2016

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WEEKLY RESISTANCE FOR NIFTY: 8789, 8833, 8853, 8897
PIVOT POINT: 8765
WEEKLY SUPPORT FOR NIFTY :  8745,8725,8700,8677
WEEKLY CHAT FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 8843, 8869, 8989,8927
PIVOT POINT: 8819
DAILY SUPPORT FOR NIFTY :  8789, 8760, 8730, 8700
DAILY CHART FOR NIFTY

Sensex opened the week at 28957, made a high of 28960, low of 27261 and closed the week at 28599. Thus it closed the week with gain of 248 points. At the same time the Nifty opened the week at 8808, made a high of 8878, low of 8717  and closed the week at 8808.
TRENDLINE SUPPORT NIFTY
Market continues to move in a narrow range of Nifty 8622 on the lower side and 8858 on the higher side. Market is in an indecisive state as it not able to decide which direction it wants to give a breakout. This uncertainty has led to an increase in Volatility. This week the market was ably supported by short term Trend line and the short term Moving Average of 20dma. A break of the trading range on the lower side can lead the market to enter a short term Corrective phase.
TECHNICALLY SPEAKING.
MACD and Price ROC are both positive and continue in Buy mode. RSI (54) suggests bullish momentum. This week, both the indices tested the short term average of 20dma Nifty – 8739 for three days and managed to close the week above it. Both the indices continue to remain above the medium term average of 50dma Nifty – 8609 and even the long term average of 200dma Nifty – 7938. Thus the trend in the short term has remained bullish, whereas the trend in the medium term and even the long term timeframe continues to remain Bullish.
CANDLESTICK VIEW: LONG LEGGED DOJI
On the daily charts,The Long Legged Doji is observed when prices trade well above and below the day’s opening price but then close either exactly at or almost at the same level as the opening price. It means that the end result is not different from the initial open despite the whole excitement and high volatility during the day. This implies a loss of sense of direction and that there is a great amount of indecision in the market. This candlestick is especially important when it is seen at market tops. On the weekly charts both Sensex and Nifty have formed a small white body candle. Thus weekly charts are not bearish whereas the daily charts are suggesting indecisiveness and volatility

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