26 May 2017

NIFTY WEEKLY REPORT FOR 29 MAY TO 02 JUNE 2017

WEEKLY RESISTANCE FOR NIFTY: 9513, 9571, 9602, 9632
PIVOT POINT: 9455
WEEKLY SUPPORT FOR NIFTY :  9425,9394,9336,9278

WEEKLY CHAT FOR NIFTY





















DAILY RESISTANCE FOR NIFTY: 9578, 9613, 9634,9655
PIVOT POINT: 9544
DAILY SUPPORT FOR NIFTY :  9523, 9502, 9467,9433
DAILY CHART FOR NIFTY
Sensex opened the week at 30625, made a high of 31036, low of 30296 and closed the week at 31028. Thus it closed the week with a gainof 543points. At the same time the Nifty opened the week at 9480, made a high of 9586 low of 9350 and closed the week at 9569. Thus the Nifty closed the week with a gain of 113 points. Markets continued their bull run to settle at fresh closing highs on Friday with Sensex scaling past the 31,000-mark and Nifty hitting 9600-mark for the first time ever as higher derivatives rollover led to strong follow-up buying in index heavyweights on the first day of June series.

TREND REMAINS POSITIVE.
The market has seen a parabolic rise in the past five months without any hint of Correction. Any decline is being used as a buying opportunity, as lot of market participants have not been able to participate in this magnificent Bull-run. Every Correction not only provides an entry point to market participants but also makes the bullish rally healthier and stronger. Past week has been a very volatile week but still the Trend continues to remain up. Strong Support exists in the form of Bullish Gap between Nifty 9450-9420-9380; a break of which will reverse the short and medium term trend.
TECHNICALLY SPEAKING.
The support for the Nifty is 9278-9290-9320-8360-8380-9425 and the resistance to the up move is at 9522-9535-9575-9600-9655-9675 levels. MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (75) still suggests Bullish momentum. Market touched another milestone supported by continued buying interest on index heavy weights post expiry. Expectation on good monsoon & a slow pace in interest rate hike by FED continue to weigh the sentiment. Mid & small caps outperformed as recent correction scaled down the valuation gap with large caps, this gave an entry point for those who missed the opportunity. On the daily charts, nifty have formed a BULLISH BREAKAWAY candle from Friday.On the weekly charts, Nifty has formed a UMBRELLA candle after a neutral formation in last week. Thus both daily and weekly formations are suggesting a bearish bias in the near term.
This week, the indices tested the short term average of 22dma Nifty – 9400 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9235 but above the long term average of 200dma Nifty –8783. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain uptrend.

4 comments:

  1. Wockpharma is looking weak on charts however it is accumulating above its major support level 550 and recently has given breakout of its previous major resistance level 600, now it has next resistance at the level of 650; it is likely to experience fresh buying with the crossing of mentioned level, where..
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