3 March 2017

NIFTY WEEKLY REPORT FOR 06 FEB TO 10 MAR 2017

WEEKLY RESISTANCE FOR NIFTY: 8967, 8995, 9010, 9036
PIVOT POINT: 8939
WEEKLY SUPPORT FOR NIFTY :  8900,8870,8850,8833
WEEKLY CHAT FOR NIFTY






















DAILY RESISTANCE FOR NIFTY: 8931, 8951, 8962,8982
PIVOT POINT: 8911
DAILY SUPPORT FOR NIFTY :  8890, 8870, 8850,8820
DAILY CHART FOR NIFTY
Sensex opened the week at 28950, made a high of 29138, low of 28753and closed the week at 28440. Thus it closed the week with a loss of 41points. At the same time the Nifty opened the week at 8939, made a high of 9018, low of 8884and closed the week at 8831.Thus it closed the week with a gain of 14points.The market on Friday extended fall for the second straight session as investors booked profits after a sharp rally that lifted the benchmark indices to near two-year highs in the previous session.
DECLINE WILL BE A BUYING OPPORTUNITY.
Technically, Indian Stock Market is in negative zone for now but would see reversal and enter into positive trend once it closes above 8950 levels for Nifty and. US market has seen sharp positive rally and broke all-time highs. Indian Stock Market would also follow the trend and would see a positive rally. Interestingly, Indian Stock Market has seen sharp comeback and once Nifty closes above 8962 levels, we would soon see it breaching 52 week highs. Breaching 9000 levels on closing basis would force Nifty to touch new lifetime highs. Traders can initiate long positions once Nifty closes above 8962 levels .
Go long on dips with a stop-loss at 8,850
After a sharp downward intraday reversal on Thursday, the Nifty is trading on a mixed note today.The contract opened with a gap-down and is hovering below 8,900. It is gaining strength to breach above the psychological 8,900 mark and not finding fresh selling pressure to extend its down move.Immediate support is at 8,870. A break below it can drag it to 8,850 initially. Further break below 8,850 will increase the likelihood of the contract falling to 8,800 in the coming sessions.On the other hand, if the index futures manage to breach above 8,900 decisively, a bounce back move to 8,950 or 8,980 is possible thereafter.
TECHNICALLY SPEAKING.
The support for the Nifty is 8870-8850-8830-8810-8780-8750 and the resistance to the up move is at 8920-8945-8965-8980-8995-8910 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 – 8830 close above it. the indices continue to remain above  the medium term average of 55dma Nifty – 8628 but above the long term average of 200dma Nifty –8406. 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. 

2 comments:

  1. The BSE Sensex staged a smart recovery by about 217 points to top the 29,000-mark in early trade today as fresh buying by investors led to widespread gains amid a mixed trend in other Asian markets.

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