NIFTY TECHNICAL REPORT DAILY& WEEKLY CHARTS FOR NEXT WEEK 3-08 -2015

DAILY RESISTANCE FOR NIFTY: 8606, 8643, 8745, 8847

PIVOT POINT: 8541

DAILY SUPPORT FOR NIFTY :  8504, 8439, 8337,8235

DAILY CHAT FOR NIFTY:  

WEEKLY RESISTANCE FOR NIFTY: 8655, 8741, 8989,9237

PIVOT POINT: 8593
WEEKLY SUPPORT FOR NIFTY :  8407, 8245, 7997,7749

WEEKLY CHAT FOR NIFTY:

There was no let-up in market momentum for the third straight day when the Sensex shot up an impressive 409 points, powered by banking stocks after the government came out with a concrete plan to infuse banks over the next four years. This was the best single-day gain over a month. The benchmark BSE index regained the psychological level of 28,000 by hitting the day's high of 28,161 before closing at 28,114, up 409 points, or 1.48 per cent. Intra-day, the NSE Nifty too climbed to a high of 8,548,  regaining the crucial 8,500-mark. It ended the day higher by 111 points, or 1.32 per cent, at 8,532.

TECHNICAL ANALYSIS FOR NIFTY

Most critical range for the week is between 8422 and 8404, and within that range the levels from 8404 through 8410 take greater significance in that they provide the initial strong support, which should not be broken either by a gap down opening or by heavy selling. Once this is held firmly, the bulls would be far more secure else they would face truckloads of problems. On the way up, the immediate supply zone for the Nifty rests between 8445 and 8470 and the major supply zone is located between 8525 and 8553 for the day. On the way down, major support rests from 8338 and 8302. 

ABOVE 8606 IT IS BULLS AREA 

BULLS CAN MOVE TOWARDS 8650 AND 8700 

BEARS ARE ALSO CAN BE ACTIVE  
BELOW 8504 BEARS HAVE TARGET AT 8400 AND AT 8350

DAILY CANDLESTICK PATTERN BEARISH MATCHING HIGH

The first two black days and the gapping down third black day create a market with an extended downtrend. The fourth day is a strong white day that shows there might finally be some weakness in the decline. The fifth day gaps up and closes near its highs creating a strong white candlestick. It now appears that the market overextended itself to the downside and a reversal of the prior trend has begun.The confirmation level is defined as the last close. Prices should cross above this level for confirmation.The stop loss level is defined as the lower of the last two lows. Following the BUY, if prices go down instead of going up, and close or make two consecutive daily lows below the stop loss level, while no bearish pattern is detected.