15 October 2016

NIFTY WEEKLY REPORT FOR 17 OCT TO 21 OCT 2016

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WEEKLY RESISTANCE FOR NIFTY: 8677, 8719, 8789, 8859
PIVOT POINT: 8635
WEEKLY SUPPORT FOR NIFTY :  8565,8495,8453,8411
WEEKLY CHAT FOR NIFTY




















DAILY RESISTANCE FOR NIFTY: 8612, 8628, 8636,8644
PIVOT POINT: 8596
DAILY SUPPORT FOR NIFTY :  8588, 8564, 8548, 8524
DAILY CHART FOR NIFTY

Sensex opened the week at 28125, made a high of 28190, low of 27575 and closed the week at 27673. Thus it closed the week with gain of 248 points. At the same time the Nifty opened the week at 8590, made a high of 8613, low of 8565 and closed the week at 8605.
TREND TURNS BEARISH.
Market is now playing out the Bearish Rising Wedge breakout and is headed southwards. Rising Wedge is amongst the very few lead patterns and now its effect is being felt by the market as this week saw even minor pull-backs being sold. Interestingly markets closed below the 50dma, which has turned even the medium term trend to bearish. If Nifty 8558 then it will lead to another strong bearish pattern breakout, which will take the indices lower towards the long term average of 200dma.

BEARISH BREAKAWAY
The confirmation level is defined as the last close. Prices should cross below this level for confirmation. The stop loss level is defined as the last high. Following the bearish signal, if prices go up instead of going down then it will ease the downside pressure .daily as well as weekly charts suggest continuation of bearish bias in the near term.
TECHNICALLY SPEAKING.
                                      Technically, A strong break below 8550 will increase the downside pressure and drag it to 8400/8300. Traders can go short on a break below 8550.On the other hand, a decisive break above 8680 will ease the downside pressure and take the index futures higher to 8750 and 8800 thereafter. 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. MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum. This week, both the indices remained comfortably above the short term average of 20dma Nifty – 8730, medium term average of 50dma Nifty – 8680 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 Bearish.
UPCOMING RESULTS:
Havells India Ltd
Biocon Ltd
LIC Housing Finance Ltd
Reliance Industries Ltd
Yes Bank Ltd
Mindtree Ltd
Wipro Ltd

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