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WEEKLY RESISTANCE FOR NIFTY: 8677, 8719, 8789, 8859
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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