18 March 2017

NIFTY WEEKLY REPORT FOR 20 MARCH TO 24 MARCH 2017

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WEEKLY RESISTANCE FOR NIFTY: 9180, 9204, 9230, 9255
PIVOT POINT: 9150
WEEKLY SUPPORT FOR NIFTY :  8980,8890,8840,8780
WEEKLY CHAT FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 9220, 9255,9263,9300
PIVOT POINT: 9180
DAILY SUPPORT FOR NIFTY :  9150, 9120, 9080,9050
DAILY CHART FOR NIFTY
Sensex opened the week at 29437, made a high of 29824, low of 29356 and closed the week at 29648. Thus it closed the week with a gain of 702 points. At the same time the Nifty opened the week at 9091, made a high of 9218, low of 9060 and closed the week at 9160. Thus the Nifty closed the week with a gain of 226 points.
ONCE AGAIN ITS MODI.
After undergoing a consolidation for 7 years from 2007 to 2014, market needed the Modi Touch to break the resistances and head higher. In the present scenario, the market was under consolidation for around 2 years from 2015 to 2017 and once again, it required the Modi Push to break free. As a result, the indices have given a bullish breakout and are now headed towards medium term target of Sensex 34677-34715 and Nifty 10462-10536.On the daily charts, both the indices have formed a small black body candle, but it is not a bearish formation. On the weekly charts, both Sensex and Nifty have formed a real White body candle after a big upward Gap. Thus both daily as well as weekly candlestick formations are suggesting a bullish bias in the near term.
TECHNICALLY SPEAKING.
MACD is positive and given a fresh Buy, whereas Price ROC continues to remain positive and in Buy mode. RSI (77) and Stochastic Oscillator %K (89) are both in overbought zone. ADX is at 44 which suggest that the Uptrend is very strong. Directional Indicators continue in Buy mode as +DI remains above –DI. MFI (50) suggests Positive Money Flow. OBV continues in Buy mode and continues to make higher top, higher bottom formation. Bollinger Band continues in Buy mode. Thus even though some Momentum Oscillators are in overbought zone, one can expect bullishness in the near term. This week, both the indices continued to remain above the short term average of 20dma   Nifty – 8947, medium term average of 50dma Nifty – 8702 and even the long term average of 200dma Nifty – 8510. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards.




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