NIFTY WEEKLY PREDICTION FOR 12 TO 16 DEC 2016

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WEEKLY RESISTANCE FOR NIFTY: 8280, 8345, 8381, 8511

PIVOT POINT: 8187

WEEKLY SUPPORT FOR NIFTY :  8190,8120,8048,7955

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8170, 8220, 8255,8333

PIVOT POINT: 8130

DAILY SUPPORT FOR NIFTY :  8150, 8111, 8050,8000

DAILY CHART FOR NIFTY

Sensex opened the week at 26211, made a high of 26787, low of 26145 and closed the week at 26477. Thus it closed the week with a gain  of 155 points. At the same time the Nifty opened the week at 8092, made a high of 8294, low of 8076 and closed the week at 8277. Sensex, Nifty ended with a new milestone of a 1-month record closing high, however, the market has been volatile throughout the trading hours and moved marginally up or down. 

CANDLESTICK PATTERN:

On the weekly charts, Nifty have formed a big black body candle with short lower shadow, in line with the downtrend. On the daily charts, the indices opened flat down and formed a Black body doji. Interestingly, it is almost like an red doji but it has formed in a downtrend, whereas doji is formed in an downtrend. Thus daily as well as weekly candlestick study indicates a bearish bias in the near term.

8200 ACTS AS STRONG SUPPORT

The Correction continues and the Correction levels are placed at Nifty 8200-8097-8004. As far as the Nifty 8200 level is concerned  then, a Pull-back cannot be ruled out in the short term but the trend will remain Bearish.so holding below 8200 then 8100, 7900 levels might again start the next downward leg towards the 7,800 level in the coming sessions.

TECHNICALLY SPEAKING.

                                      Technically, A strong break below 8100 will increase the downside pressure and drag it to 8000/7850. Traders can go short on a break below 8100.On the other hand, a decisive break above 8250 will ease the downside pressure and take the index futures higher to 8400 and 8500 thereafter. MACD and Price ROC are both negative and continue in sell mode. RSI (45) suggests bearish momentum. This week, the indices tested the short term average of 20dma Nifty – 8500 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8290 but above the long term average of 200dma Nifty – 7800. 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.