NIFTY WEEKLY REPORT FOR 02 TO 06 JAN 2017

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WEEKLY RESISTANCE FOR NIFTY: 8075, 8104, 8158, 8212

PIVOT POINT: 8039

WEEKLY SUPPORT FOR NIFTY :  7985,7931,7899,7866

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8016, 8037, 8058,8079

PIVOT POINT: 7995

DAILY SUPPORT FOR NIFTY :  7974, 7950, 7932,7911

DAILY CHART FOR NIFTY

Sensex opened the week at 25843, made a high of 26656, low of 25786 and closed the week at 26624. Thus it closed the week with a gain of 569 points. At the same time the Nifty opened the week at 8002, made a high of 8207, low of 7930 and closed the week at 8187. Thus it closed the week with a gain of 191 points. The Indian stock markets with the benchmarks advancing to their highest level in two-weeks. Nifty hits 8,200 mark on Friday.

BULLISH START TO ‘2017’ - UPTREND RESUMES.

Nifty futures January 2017 contract strong started the session, as the Nifty hit a century on Friday. As a result of this massive rally on Friday, the Nifty managed to close above the critical level of 8150, due to which one can say that the correction is over and the prior uptrend has resumed. Also the short term as well as medium term trend has turned up. Nifty has completed a bullish pattern and as a result the Nifty is now expected to reach 8400,8767 in the near term with big help coming from banking stocks. Bank Nifty too has recorded a bullish breakout and is now headed towards a possible target of 20345.

2017 : A RECORD BREAKING YEAR.

The year 2017 was a massive year for the market as the bulls had a gala time throughout the year. It was Mr. Modi who played ‘Santa’ to the market as the indices breached its previous life highs Nifty 8994 and reached dizzy heights. Nifty has gained around 1000 points on a yearly basis. Brand ‘Modi’ is at work now and the world is now looking at India with renewed optimism.

BULLISH CUP & HANDLE FORMATION.

When the Nifty surpassed their previous life time highs of 8994 respectively, the indices completed a Bullish Cup & Handle formation in over a time period of five years. The targets as per this pattern at Nifty 9000. These targets are likely to be achieved within a period of next 12 months i.e. probably by dec 2017.

TECHNICALLY SPEAKING.

On the daily charts, Nifty have formed a real White body candle. On the weekly charts Nifty have formed a Black body candle with a long lower shadow. Interestingly it falls short of being a Dark Cloud Cover. Thus daily candlestick study indicates a major bullish bias in the near term. MACD and Price ROC are both positive and continue in buy mode. RSI (45) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8330 but could not close above it. the indices continue to remain below the medium term average of 55dma Nifty – 8240 but above the long term average of 200dma Nifty – 7550. Thus the trend in the short term and medium term timeframe remains bullish whereas the trend in the long term timeframe still continues to remain Bearish.