8 October 2016

NIFTY WEEKLY REPORT FOR 10 OCT TO 14 OCT 2016

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WEEKLY RESISTANCE FOR NIFTY: 8784, 8826, 8873, 8921
PIVOT POINT: 8742
WEEKLY SUPPORT FOR NIFTY :  8647,8605,8563,8473
WEEKLY CHAT FOR NIFTY
















DAILY RESISTANCE FOR NIFTY: 8747, 8761, 8803,8831
PIVOT POINT: 8719
DAILY SUPPORT FOR NIFTY :  8691, 8677, 8663, 8607
DAILY CHART FOR NIFTY

Sensex opened the week at 27865, made a high of 28451, low of 27865 and closed the week at 28061. Thus it closed the week with gain of 248 points. At the same time the Nifty opened the week at 8797, made a high of 8837, low of 8604  and closed the week at 8638. The Indian equity market fluctuated between gains and losses amid mixed global clues and ahead of U.S payrolls data. And continue to trade in a narrow range with negative bias weighed down by selling pressure among IT and oil shares.
TECHNICALLY SPEAKING.
MACD and Price ROC are both positive and continue in Buy mode. RSI (48) suggests bearish momentum. This week, both the indices remained comfortably above the short term average of 20dma Nifty – 8750, medium term average of 50dma Nifty – 8670 and even the long term average of 200dma Nifty – 8300. Thus the trend in the short term, medium term and even the long term timeframe continues to remain Bullish.

SELL ON RISE
Technically, A strong break below 8600 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break below 8600.On the other hand, a decisive break above 8820 will ease the downside pressure and take the index futures higher to 8900 and 8950 the reafter. Indian Stock Market is still in negative zone but market would see a bounce at lower levels near support. Nifty is laying 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 RESULTS:
Ø  TCS LTD
Ø  INFOSYS LTD
Ø  INDUSIND BANK LTD

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