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WEEKLY RESISTANCE FOR NIFTY: 8609, 8644, 8710, 8773
WEEKLY RESISTANCE FOR NIFTY: 8609, 8644, 8710, 8773
PIVOT
POINT: 8574
WEEKLY
SUPPORT FOR NIFTY : 8510,8445,8410,8375
WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 8494, 8517, 8546,8628
PIVOT
POINT: 8471
DAILY
SUPPORT FOR NIFTY : 8441, 8412, 8389, 8350
DAILY
CHART FOR NIFTY
Sensex
opened the week at 27843, made a high of 28020, low of 27213 and closed the
week at 27274. Thus it closed the week with loss of 667 points. At the same
time the Nifty opened the week at 8670, made a high of 8704, low of 8425 and
closed the week at 8458. The Indian stock market declined for the third
consecutive session after a weak opening in European equities increased anxiety
among investors ahead of next week’s U.S. presidential elections. Both the indices ended the truncated week down 2.5%.
It is their biggest weekly decline since October 2. Also, sharp decline in Midcap
and Smallcap pack completely unsettled the participants and pushed them on the
back foot.
BEARISH BREAKAWAY
The
confirmation level(8450) is defined as the last close. Prices should cross
below this level for confirmation. The stop loss level is defined as the last
high(8705). 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.one can expect a break of
the critical Trend line support of Nifty 8450 has been breached. Thus as a
result one can expect the indices to move lower to test the long term average
of 200dma.
200 DMA ACTS AS STRONG SUPPORT
The market has settled in a small range of Nifty 8400 on the lower side and 8500 on the higher side. Interestingly, both Sensex and Nifty took support at the long term moving average of 200dma, for all days of the past week. A close below the 200dma will pave the way for the indices to test the strong support at the Bearish Gap between Nifty 7948-7941
The market has settled in a small range of Nifty 8400 on the lower side and 8500 on the higher side. Interestingly, both Sensex and Nifty took support at the long term moving average of 200dma, for all days of the past week. A close below the 200dma will pave the way for the indices to test the strong support at the Bearish Gap between Nifty 7948-7941
TECHNICALLY SPEAKING.
Technically,
A strong break below 8450 will increase the downside pressure and
drag it to 8400/8300. Traders can go short on a break below 8450.On the other
hand, a decisive break above 8650 will ease the downside pressure and take the
index futures higher to 8700 and 8750 thereafter. MACD and Price ROC are
both negative and continue in sell mode. RSI (50) suggests bearish
momentum. This week, both the indices remained comfortably above
the short term average of 20dma Nifty – 8300, medium term
average of 50dma Nifty – 8200 and even the long term average of
200dma Nifty – 7500. Thus the trend in the short term, medium term and
even the long term timeframe continues to remain Bearish.
UPCOMING RESULTS:
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