NIFTY WEEKLY REPORT FOR 14 MARCH TO 17 MAR 2017

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WEEKLY RESISTANCE FOR NIFTY: 8971, 8990, 9011, 9030

PIVOT POINT: 8949

WEEKLY SUPPORT FOR NIFTY :  8930,8911,8890,8868

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8978, 8998, 9021,9043

PIVOT POINT: 8957

DAILY SUPPORT FOR NIFTY :  8935, 8912, 8892,8871

DAILY CHART FOR NIFTY

The Sensex opened the week at 28859, made a high of 29098, low of 28815 and closed the week at 28946. Thus it closed the week with a gain of 114 points. At the same time the Nifty opened the week at 8915, made a high of 8977, low of 8891 and closed the week at 8934. On Friday, Nifty closed the week with a gain of 37 points. The Sensex ended 17 points higher at 28,946, while Nifty settled the day at 8,934, up 7 points. Shares ended steady on Friday, posting small weekly gains.

ELECTION RESULTS TO PROVIDE DIRECTION.

BJP win Uttarakhand. Leads in UP, Congress in Punjab, close fight in Goa

For the past three weeks, market has been moving in sideways, narrow trading range of just 200 Nifty points i.e. between 8800 on the lower side and 9000 on the higher side. The answer as to which direction the market takes; will be out when the market opens on Tuesday. The greater probability as the Poll suggests, favours a strong BJP win. In such a scenario, the Nifty will not only close above 8968 but also overcome life time high of 9119 with ease. The other scenario, which is the lesser probability scenario, is a bearish scenario. If that scenario plays out then expect a sharp cut till at least 8800 on the Nifty and a possible small extension of the downward move. In such a case, the sharp decline will not only be short lived but will also provide a buying opportunity.

The Nifty formed a 'Hammer' candle on the daily chart. Overall, it has been consolidating between 8,860 and 9,000 levels for last 13 sessions and is awaiting a decisive range breakout .Now, if the Nifty sustains below 8,900, then it may correct towards the next supports at 8,860 and 8,750 level but if it holds above 9,000, it would start a fresh upward move towards 9,119 then 9,250 levels. 

TECHNICALLY SPEAKING.

The support for the Nifty is 8900-8880-8860-8830-8810-8780-8750 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 (64) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8879 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 8478.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.