NIFTY WEEKLY REPORT FOR 19 TO 23 DEC 2016

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WEEKLY RESISTANCE FOR NIFTY: 8218, 8250, 8289, 8323

PIVOT POINT: 8186

WEEKLY SUPPORT FOR NIFTY:  8148,8109,8077,8045

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8167, 8177, 8210,8237

PIVOT POINT: 8156

DAILY SUPPORT FOR NIFTY :  8123, 8110, 8075,8048

DAILY CHART FOR NIFTY

Sensex opened the week at 26442, made a high of 26787, low of 26221 and closed the week at 26489. Thus it closed the week with a gain of 259 points. At the same time the Nifty opened the week at 8250, made a high of 8264, low of 8123 and closed the week at 8145. Thus it closed the week with a gain of 35 points. The indices ended the Friday's session lower as markets looked to settle down after the US Federal Reserve on Wednesday issued an outlook that was more hawkish than expected. It was a complete choppy session, as market was seen grinding in a narrow 25 points trading range especially in the second half.
200-dma act as resistance level

Nifty was unable to surpass the crucial 200-DMA which is now placed at 8220 on short term charts. In addition, Nifty also breached below the 8150 support zone for the first time this week after managing to hold on throughout the week. A close below the support zone indicates that further weakness is likely on the cards. Any kind of recovery will once again find stiff resistance at the 200-DMA of 8220 and its immediate previous peak of 8250. Technically, A strong break below 8150 Traders can go short with a stop-loss at 8250 for the target of 8100/8000.On the other hand, a break above 8220 Trader can go for long with stop loss of  8150 for the target of  8300 and 8400 thereafter.

TECHNICALLY SPEAKING.

                                      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 – 8270 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8400 but above the long term average of 200dma Nifty – 7500. 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 Bullish.