13 January 2017

NIFTY WEEKLY REPORT FOR 16 TO 20 JAN 2017

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WEEKLY RESISTANCE FOR NIFTY: 8421, 8481, 8512, 8544
PIVOT POINT: 8361
WEEKLY SUPPORT FOR NIFTY :  8329,8298,8238,8178
WEEKLY CHAT FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 8437, 8554, 8472,8490
PIVOT POINT: 8421
DAILY SUPPORT FOR NIFTY :  8385, 8368, 8352,8317
DAILY CHART FOR NIFTY

Sensex opened the week at 26741, made a high of 27257, low of 26711 and closed the week at 27218. Thus it closed the week with a gain of 459 points. At the same time the Nifty opened the week at 8266, made a high of 8457, low of 8241 and closed the week at 8420. Thus it closed the week with a gain of 152 points. on Friday, Indian technology giants, TCS and Infosys dragged markets in today’s session forcing markets to close in red. Both Nifty and Sensex retreated from the very first tick where the Nifty closed just at the 8400 mark while Sensex closed at 27238 shedding 9 points from the previous close.
NIFTY RALLY ONLY ABOVE 8475
We expect the Nifty to gradually move towards 8,450 level. Going forward, it must be noted that the Nifty has already given a spectacular rally of 500 points in a short span and thus, we expect some consolidation with a positive bias. At current juncture, traders are advised to follow stock centric approach as they may fetch higher returns as compared to the index. Technically, Indian Stock Market is still in positive zone but some profit booking is not ruled out at this point of time as BankNifty is looking overstretched. Market would see some consolidation in a rangebound region. BankNifty needs to breach levels of 19000 on closing basis for the next bull run. On other side, If BankNifty breaches levels of 18800 on the downside than we would see some downtrend in upcoming sessions. Traders should initiate fresh short positions only if Nifty closes below 8335 levels and BankNifty closes below 18629 levels, until then every dip would be considered as temporary profit booking.
TECHNICALLY SPEAKING.
Nifty would see strong support at 8380-8355-8335-8300-8280/8250 whereas strong resistance would be seen at 8455-8478-8500-8525-8544-8600 levels. MACD and Price ROC are both positive and continue in buy mode. RSI (65) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8236 but could not close above it. the indices continue to remain below the medium term average of 55dma Nifty – 8270 but above the long term average of 200dma Nifty – 8285. 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.


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