NIFTY TECHNICAL REPORT DAILY & WEEKLY CHARTS FOR NEXT WEEK 31-08 -2015

YESTERDAY'S ICICIBANK CALL ROCK..!!!! ALL THE TGT ACHIEVED 

DAILY RESISTANCE FOR NIFTY: 8091, 8170, 8303, 8436

PIVOT POINT: 8037

DAILY SUPPORT FOR NIFTY :  7958, 7904, 7771,7638

DAILY CHAT FOR NIFTY:

WEEKLY RESISTANCE FOR NIFTY: 8126, 8304, 8713,9122

PIVOT POINT: 7895
WEEKLY SUPPORT FOR NIFTY :  7717, 7486, 7077,7000

WEEKLY CHAT FOR NIFTY:

TECHNICAL ANALYSIS FOR NIFTY

In last previous sessions, as we have predicted that in NIFTY BEARS CAN MOVE TOWARDS 8100 And nifty was achieved target of 8100 made low of 7665 in this week. Sensex rose 161 points or 0.61 percent to 26392 and the Nifty climbed 53 points or 0.67 percent to 8001. However, the broader markets under performed benchmarks, closing flat post 3.6% weekly loss. Nifty future opened on a firm note with a gap and after some consolidation, moved up to a high of 8089 and closed in the red. In line with expectations, the touchline formation in charts two days ago gave its positive effect. This Rally could be attributed partly to short covering on the back of firm global markets, so follow up buying is needed for it to be sustainable. On the lower side, 7940 is the immediate support. 7900, 7854, 7770, 7720-7630 are important levels and a beach of 7630 will signal resumption of the downswing. On the higher side,8048 is the immediate resistance. 8091, 8170, 8303, 8436 are important levels for upside. it has closed above 7940 region signalling a breather in the downswing, but it must now move decisively above 8080 for some meaningful pullback.

ABOVE 8000 IT IS BULLS AREA 

BULLS CAN MOVE TOWARDS 8100 AND 8300 

BEARS ARE ALSO CAN BE ACTIVE  
BELOW7958  BEARS HAVE TARGET AT 7895 AND AT 7750

DAILY CANDLESTICK PATTERN BULLISH DOJI STAR

The market is in a downtrend and a strong black candlestick further confirms it. The next day opens lower with a gap down, and the trading is in a small range. The day closes at the opening price, causing the formation of a Doji. Bears were in control during the downtrend but now a change is implied by the appearance of a Doji Star, which shows that the bulls and the bears are in equilibrium. The downward energy is dissipating. Things are not favorable for the continuation of a bear market.