NIFTY WEEKLY PREDICTION FOR 28 NOV TO 02 DEC 2016

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WEEKLY RESISTANCE FOR NIFTY: 8038, 8077, 8132, 8187

PIVOT POINT: 7999

WEEKLY SUPPORT FOR NIFTY:  7944,7889,7850,7811

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8129, 8168, 8194,8220

PIVOT POINT: 8087

DAILY SUPPORT FOR NIFTY :  8060, 8036, 7996, 7955

DAILY CHART FOR NIFTY

Sensex opened the week at 26147, made a high of 26343, low of 25736 and closed the week at 26316. Thus it closed the week with a gain of 166points. At the same time the Nifty opened the week at 8138, made a high of 8138, low of 7962 and closed the week at 8118. Thus the Nifty closed the week with a gain of 44 points. The Nifty kick started the December series on a positive note. Positive global indices, rupee appreciation and also steel makers extended gains after the government imposed anti-dumping duties on some imports lifted the Indian stock markets on Friday. 

CANDLESTICK PATTERN:

On the weekly charts, both Sensex and Nifty have formed an Opening black body Marubozu which is in line with continued bearishness. On the daily charts, both the indices have formed a small black body candle like a Spinning Top. Last two days have formed neutral formations which indicate that the momentum on the downside has reduced. Thus weekly candlestick study indicates a bearish bias in the near term. As per Pattern analysis, both the indices have formed a Bearish Rising Wedge formation and the extended target as per that formation falls at Nifty 7656.

EXPECT A PULL-BACK; NOT A REVERSAL

The Correction continues and the Correction levels are placed at Nifty 8000-7897-7644. As far as the Nifty 8000 level is concerned  then, a Pull-back cannot be ruled out in the short term but the trend will remain Bearish.

"It has to cross and hold above the 8,100 zone to witness an upward move towards the 8200, 8,250 levels, while holding below 8000 then 7,920, 7,880 levels might again start the next downward leg towards the 7,600 level in the coming sessions.

TECHNICALLY SPEAKING.

                                      Technically, A strong break below 7950 will increase the downside pressure and drag it to 7800/7700. Traders can go short on a break below  7950.On the other hand, a decisive break above 8150 will ease the downside pressure and take the index futures higher to 8200 and 8250 thereafter. MACD and Price ROC are both negative and continue in sell mode. RSI (35) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8422 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8280 but above the long term average of 200dma Nifty – 7500. Thus the trend in the short term and medium term timeframe remains bearish whereas the trend in the long term timeframe still continues to remain Bullish.