29 April 2017

NIFTY WEEKLY REPORT FOR 02 MAY TO 05 MAY 2017

WEEKLY RESISTANCE FOR NIFTY: 9355, 9431, 9474, 9517
PIVOT POINT: 9280
WEEKLY SUPPORT FOR NIFTY :  9237,9194,9118,9043
WEEKLY CHAT FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 9343, 9353, 9378,9400
PIVOT POINT: 9333
DAILY SUPPORT FOR NIFTY :  9321, 9308, 9298,8288
DAILY CHART FOR NIFTY

Sensex opened the week at 29488, made a high of 30143, low of 29473 and closed the week at 29911. Thus it closed the week with a gain of 551 points. At the same time the Nifty opened the week at 9156, made a high of 9380, low of 9155 and closed the week at 9330. Thus the Nifty closed the week with a gain of 200 points.The Indices on Friday settled lower as investors booked profits in index heavyweights such as ITC and HDFC ahead of a long weekend, but posted their biggest weekly gain in six weeks.
SENSEX CROSSES 30000.
It was a record shattering week as the Sensex joined Nifty in registering lifetime highs and in the process overcame the psychological level of 30000. Even as the front-line indices are moving above lifetime highs now, the market focus is on the Mid-Cap Index and Bank Nifty. These indices have not only surpassed their lifetime high levels sometime back but are rapidly moving higher. The Mid-Cap Index is going from strength to strength and hence the market participants are making merry. In the short term, immediate support comes in the form of bullish gap between Nifty 9250-9225.
TECHNICALLY SPEAKING.
The support for the Nifty is 9320-9300-9270-9250-9218 and the resistance to the up move is at 9340-9255-9370-9390-9415 levels.MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (63) still suggests Bullish momentum. On the daily charts, both the indices have made a small black body candle on Friday. On the weekly charts, both Sensex and Nifty have formed a big OpeningWhite Body Marubuzo. This is a strong Bullish pattern. Thus candlestick study indicates a bullish bias in the near term.
This week, the indices tested the short term average of 22dma Nifty – 9210close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9068 but above the long term average of 200dma Nifty –8630. Thus the trend in the short term has turned bullish whereas the trend in the medium term and the long term timeframe continues to remain upwards.

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