8 April 2017

NIFTY WEEKLY REPORT FOR 10 TO 14 APRIL 2017

WEEKLY RESISTANCE FOR NIFTY: 9283, 9309, 9328, 9347
PIVOT POINT: 9256
WEEKLY SUPPORT FOR NIFTY :  9237,9218,9192,9165
WEEKLY CHAT FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 9242, 9256, 8277,9297
PIVOT POINT: 9228
DAILY SUPPORT FOR NIFTY :  9208,9187, 9173,9159
DAILY CHART FOR NIFTY

Sensex opened the week at 29737, made a high of 30007, low of 29668 and closed the week at 29706. Thus it closed the week with a gain of 86 points. At the same time the Nifty opened the week at 9220, made a high of 9273, low of 9188 and closed the week at 9198. Thus the Nifty closed the week with a gain of 25 points.The Indian markets posted their biggest single-day drop on Friday in nearly two weeks after US missile strikes on Syria. 
A PULL-BACK & NOT A CORRECTION.
The fall witnessed on Friday late afternoon has raised the expectation of a long awaited Correction. But the minor fall on Friday can be described as a dip and not the start of a Correction. A lot of market participants are experiencing the ‘left-out’ feeling as the market has gone from strength to strength since last three months without giving any meaningful Correction. The current fall is likely to find strong Support in the form of Bullish Weekly Gap between 9060-8977 for the Nifty. Thus only a break of this support will trigger off the long awaited Correction; till then every dip will be a Buying Opportunity.
Go Long At Every Dip In nifty
Technically, Indian Stock Market is still in positive zone and would enter into negative zone once it closes below 9186 levels for Nifty. Market would see correction as the US fired dozens of missiles at targets in Syria and market is cautious ahead of US President Donald Trump and Chinese President XI Jinping meet. Market is in consolidated range between 9186 and 9275 levels for Nifty. Market would see sharp movement once Nifty closes out of this range. Until then traders can go long near our suggested support and short near our suggested resistance levels. Indian Stock Market would see reversal only if market closes below 9186 levels for Nifty Some profit booking can’t be ruled out at this point of time but breaching levels of 9275 for Nifty would force it to move towards 9350 levels. Overall, Traders can go long above 9275 levels and short below 9186 levels on closing basis.
CANDLESTICK VIEW
On the daily charts, both the indices have formed a small black body candle with an upper shadow. On the weekly charts, both Sensex and Nifty have formed a small black body candle with a longer upper shadow. It falls short to being classified as a Shooting Star because of presence of lower shadow and upper shadow not being long enough. Thus both daily and weekly formations are suggesting a slight bearish bias in the near term.
TECHNICALLY SPEAKING.
MACD despite being in positive zone has generated a fresh Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (60) suggests Bullish momentum. Stochastic Oscillator %K (87) continues in Sell mode. OBV continues in Buy mode and continues to make higher top, higher bottom formation. Bollinger Band continues in Buy mode since January. Thus Oscillators are painting a mixed picture.This week, the indices tested the short term average of 22dma Nifty – 9121 close above it. the indices continue to remain above  the medium term average of 55dma Nifty – 8927 but above the long term average of 200dma Nifty –8568. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards.The support for the Nifty is 9150-9130-9100-9060-9030 and the resistance to the up move is at 9242-9280-9305-9325-9380 levels.

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