NIFTY TECHNICAL REPORT DAILY& WEEKLY CHARTS FOR NEXT WEEK 27-07 -2015

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DAILY RESISTANCE FOR NIFTY: 8580, 8626, 8700, 8774

PIVOT POINT: 8552

DAILY SUPPORT FOR NIFTY :  8506, 8478, 8478,8404

DAILY CHAT FOR NIFTY:  

WEEKLY RESISTANCE FOR NIFTY: 8637, 8740, 8916,9092

PIVOT POINT: 8564
WEEKLY SUPPORT FOR NIFTY :  8461, 8388, 8212,8036

WEEKLY CHAT FOR NIFTY:

The Market was a declined for the second consecutive day and, BSE Sensex and NSE Nifty ended nearly 1 percent lower on Friday Today Asian markets traded down 0.25 to 1.3 per cent of the under pressure on the domestic market. Sensex and Nifty dropped 0.75 per cent. The Sensex has come 28100 and the nifty break out 8550 levels on Friday. Sensex slipped 258 points to end at nearly two-week low of 28,112 on muted earning figures reported by companies so far and weak global cues. India was also affected by negative cues from the Asian markets, trading lower due to disappointing Chinese manufacturing data. The  Sensex ended at 28,112, down 0.9 per cent or 258 points. Nifty closed for the day at 8,521, down 0.8 per cent or 68 points.“The market is slightly cautious and nervous. Corporate results so far have not sprung any positive surprises.

TECHNICAL ANALYSIS FOR NIFTY

The index opened on a flat note. It had barely crossed the previous day high when it came under selling pressure and lost a good percentage of what it had gained on the previous day. The 5600 level was briefly broken intraday but it closed above the coveted 8600 region though in the negative. The 8654 region remains elusive for this index since this is the 5th failed attempt to cross it decisively. This 8654 region has become a strong hurdle must be taken out decisively for fresh momentum. The acid test for bulls above 8654 will be in the 8715-8750 region. On the lower side, 8580, 8540 are levels which are likely to give support on declines. A breach of 8520 at this juncture will be a cause for concern and a decisive breach of 8480 will put the game in favour of the bears.

ABOVE 8636 IT IS BULLS AREA 

BULLS CAN MOVE TOWARDS 8650 AND 8700 

BEARS ARE ALSO CAN BE ACTIVE  
BELOW 8461 BEARS HAVE TARGET AT 8400 AND AT 8350
WEEKLY CANDLESTICK PATTERN BEARISH MATCHING HIGH

The market has been higher, as evidenced by another strong white day. The next day opens lower and trade still lower, and then it closes at the same price. This is indicative of short term resistance and will cause much concern with the bulls. The psychology of the market is not necessarily with the action behind the daily trading, but with the fact that both days close at the same level.The confirmation level is defined as the midpoint of the first white body. Prices should cross below this level for confirmation.
The stop loss level is defined as the higher of the last two highs. Following the bearish signal, if prices go up instead of going down, and close or make two consecutive daily highs above the stop loss level, while no bullish pattern is detected.