WEEKLY
RESISTANCE FOR NIFTY: 8751, 8800, 8881, 8962
PIVOT
POINT: 8702
WEEKLY
SUPPORT FOR NIFTY : 8621,8540,8491,8442
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 8659, 8681, 8713,8751
PIVOT
POINT: 8637
DAILY
SUPPORT FOR NIFTY : 8621, 8605, 8583, 8561
DAILY
CHART FOR NIFTY
Sensex
opened the week at 28741, made a high of 28776, low of 27754 and closed the
week at 27865. Thus it closed the week with gain of 248 points. At the same
time the Nifty opened the week at 8846, made a high of 8864, low of 8604
and closed the week at 8638. The key benchmark swung between gains and losses
but finally closed higher on friday. After opening on a flat note indices
remained under pressure and slipped lower in the first half.
TECHNICALLY SPEAKING.
MACD and
Price ROC are both positive and continue in Buy mode. RSI (55) suggests bearish
momentum. This week, both the indices remained comfortably above the short
term average of 20dma Nifty – 8740, medium term average of 50dma Nifty
– 8654 and even the long term average of 200dma Nifty – 8250. Thus
the trend in the short term, medium term and even the long term timeframe
continues to remain Bullish.
Key indices
rose on bargain hunting after suffering steep losses yesterday, 29 September
2016 triggered by flare up in India-Pakistan tension after Indian Army in a
press conference yesterday, 29 September 2016 revealed that it conducted
surgical strikes against terror launch pads inside Pakistan occupied Kashmir.
However, gains were capped by weakness in global stocks.
Nifty,
Short If Nifty Breaches 8500 Levels.
Technically,
Indian Stock Market is still in negative zone but market would see a bounce at
lower levels near support in reaction to yesterday’s downfall. FIIs and DIIs
have seen huge buying in yesterday’s downfall and that suggests that this
downfall was temporary in nature. Nifty is lying near its major support level
of 8500. 8500 is a make or break level on closing basis. If Nifty closes below
those levels then a breakdown would be seen in the market and we can even see
levels of 8200-8000-7700 in days to come. But traders can take a chance here.
Traders can go long near 8550 levels for Nifty with strict stop loss of 8500 on
closing basis. There are strong chances for Market to see a bounce near those
levels. So, traders can go long until Nifty holds 8500 and short once Nifty
closes below 8500 levels. If Nifty holds 8500 for next couple of days then we
would see a sharp positive rally.
UPCOMING EVENT:
The major domestic event in the upcoming week is the Reserve Bank of
India's (RBI) fourth bi-monthly monetary policy meeting scheduled on Tuesday, 4
October 2016. The RBI after the third bi-monthly monetary policy on 9 August
2016, decided to keep the policy repo rate unchanged at 6.5%. Consequently, the
reverse repo rate remained unchanged at 6%. RBI also kept the cash reserve
ratio (CRR) of scheduled banks unchanged at 4%. Shares of interest rate
sensitive sectors may remain in focus on the eve of the Reserve Bank of India
(RBI)'s monetary policy meeting.
No comments:
Post a Comment