WEEKLY
RESISTANCE FOR NIFTY: 10746,10773,10807,10902
PIVOT
POINT: 10719
WEEKLY
SUPPORT FOR NIFTY : 10685,10624,10597,10475
WEEKLY CHART FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 10684,10697,10709,10756
PIVOT
POINT:10662
DAILY
SUPPORT FOR NIFTY : 10637,10626,10591,10521
DAILY CHART FOR NIFTY
Sensex opened the week at 35001, made
a high of 35302, low of 34889 and closed the week at 34915. Thus
the Sensex closed the week with a loss of 54 points. At the same time, the Nifty
opened the week at 10688, made a high of 10762 low of 10614 and
closed the week at 10618. Thus the nifty closed the week with a loss of 105
points. Benchmark indices closed sharply lower on Friday, with the Sensex
falling 187 points to 34,915 and the Nifty declining 61 points to 10,618.
Volatility today ruled the roost as benchmark indices traded in the negative
zone for most of the day despite making several attempts to shrug off some of
the losses. Sustained selling pressure in index heavyweights coupled with
negative global stocks, weighed on domestic investor sentiment.
in
nifty; strong RESISTANCE level seen @10800-10950 for new high
As predicted by us in our last weekly
report “nifty seen strong RESISTANCE level at 10800 and support level of 10600 “and exactly same happened. They managed to
trade between the level of 10800-10600 and closed the week with at 10660. And
for now also nifty will see 10600,10590 as support levels and 10800,10950 as a
resistance level.
A Gap-up opening
on last Friday saw the market overcome the Failure level (Nifty 10640) quite
comfortably. As the rally progressed, the indices challenged the Reversal zone
of Nifty (10700-10740), but could not overcome this level. It is now a matter
of time as to when the Nifty overcomes this critical level. The onslaught by
the Bulls continues to astonish as it registered last 5th consecutive week
of gains. This week nifty moved towards down trend for (Gap filling) level
of 10640-10621. Once the Reversal zone is conquered, it should not come as a
surprise that the indices will then head towards their previous tops.
NIFTY have managed to take resistance
at the very important level of 10950. Nifty will be in the positive zone a
pull-back will seen above 10800 levels and positive rally in Nifty would be
open for 10840, 10880, 10920, and 10950. On the other hand below 10600 downtrend
open for 10570-10530-10500-10470 for the Nifty.The support for the Nifty is 10600-10570-10530 and the resistance for the nifty is 10800-10840-10880-10950
levels.
TECHNICALLY SPEAKING.
This week, the indices short-term average of 22dma Nifty – 10563 close above
it. The indices continue to remain above the medium term average of 55dma
Nifty – 10486 and above the long-term average of 200dma Nifty 10210. MACD and Price ROC are both positive and in buy
mode. RSI (59) suggests bullish momentum. Thus the trend in the long
term has remained bullish whereas the trend in the medium term timeframe
continues to remain bullish.
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