1 April 2017

NIFTY WEEKLY REPORT FOR 03 TO 07 APRIL 2017

WEEKLY RESISTANCE FOR NIFTY: 9174, 9221, 9246, 9271
PIVOT POINT: 9128
WEEKLY SUPPORT FOR NIFTY :  9103,9078,9031,8985
WEEKLY CHAT FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 9203, 9212, 9230,9242
PIVOT POINT: 9194
DAILY SUPPORT FOR NIFTY :  9171, 9158, 9146,9130
DAILY CHART FOR NIFTY
Sensex opened the week at 29270, made a high of 29675, low of 29175 and closed the week at 29594. Thus it closed the week with a gain of 200 points. At the same time the Nifty opened the week at 9134, made a high of 9208, low of 9070 and closed the week at 9198. Thus it closed the week with a gain of 87 points. Nifty pared all its initial losses to settle the first day of the April F&O series flat as investors booked profits in recent out performers. 
14 MARCH GAP AS SUPPORT.
After giving a bullish breakout three weeks back, the indices are on its way to achieve higher targets, but the speed at which the market has rallied has made it necessary for the market to cool down and pause for a bit before resuming the upward rally. It is quite normal for the market to undergo a consolidation, which explains the current scenario. Last week, the indices took support at the Bullish Weekly Gap Nifty 9060-8977. before staging a bounce-back. Hence this Weekly Gap holds the key to the Trend of the market in the near term
TECHNICALLY SPEAKING: Go long on a strong rally beyond 9,210 level with a stop-loss at 9,160
                                      Technically,Decisive break above 9210 will erase downside pressure and take nifty futures higher to 9250 and 9300 thereafter. Such a rally will be a positive cue for initiating fresh long positions with a stop-loss at 9,160 level.However, on the downside Nifty Taking support at 9,160,  if the contract slips below the immediate support level of 9,100, selling pressure may be seen and it can decline to 9,050 or 9000 level. Further plunge below 9,100 could strengthen the selling pressure and pull the contract down to 9,080 and 9,060 level.
MACD and Price ROC are both negative and continue in sell mode. RSI (67) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 9060 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8863 but above the long term average of 200dma Nifty – 8535. Thus the trend in the short term and medium term timeframe remains bearish whereas the trend in the long term timeframe still continues to remain Bullish.

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