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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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