WEEKLY
RESISTANCE FOR NIFTY: 9924,9974, 10006,10039
PIVOT
POINT: 9875
WEEKLY
SUPPORT FOR NIFTY : 9842,9810,9760,9711
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 9860, 9882, 9887,9913
PIVOT
POINT: 9839
DAILY
SUPPORT FOR NIFTY : 9822,9807,9785,9763
DAILY CHART FOR NIFTY
Sensex opened
the week at 31224, made a high of 31880, low of 31152 and
closed the week at 31509. Thus the Sensex
closed the week with gain of 296 points. At the same time the Nifty opened the week at 9778, made
a high of 9940 low of 9776 and closed the week at 9849. Thus the
Nifty closed the week with gain of 108 points.The Sensex plunged over 270 points
led by Infosys as the company Chief Executive Vishal Sikka's
resignation heightened uncertainty about the IT services provider's
future.
As
the Correction continues, markets are witnessing Selling at every higher levels
and this will continue till the market conquers the Resistance zone of
Nifty 9930-9950. A closing above this level will indicate end of Correction and
resumption of prior Uptrend. On the other hand, a break of critical
Support Trendline Nifty 9830 will signal further intensification of
Correction which will have Corrective levels placed at 9800-9740-9700. On the daily charts, Nifty have formed
an Opening Black body Marubuzo pattern which indicates a reduced bearishness. On
the weekly charts, have formed a small white body candle which is on lines
of Bullish Harami pattern but it cannot be classified as it has formed near the top as
per weekly chart. Thus daily as
well as weekly candlestick patterns suggest bearishness in the near term.