DAILY
RESISTANCE FOR NIFTY: 8025, 8065, 8144, 8157
PIVOT
POINT: 7986
DAILY
SUPPORT FOR NIFTY : 7946, 7907, 7828,7749
DAILY
CHART FOR NIFTY
WEEKLY RESISTANCE FOR NIFTY: 8097, 8126, ,8206,8376
PIVOT
POINT: 8036
WEEKLY SUPPORT FOR NIFTY : 7927, 7866, 7696,7526
WEEKLY SUPPORT FOR NIFTY : 7927, 7866, 7696,7526
WEEKLY CHAT FOR NIFTY
The Sensex and Nifty slid for the second
consecutive week on account of some selling pressure by foreign institutional
investors amid uncertainty on the political front, weak rupee and mixed
quarterly results. Benchmark indices plunged around 1.5 per cent for the week
ended November 6, 2015.During the week, Sensex and Nifty lost 391 points and
111 points to close at 26,265 and 7954, respectively, on November 6. The festive season of Diwali is almost here but
there are no fireworks as yet in the market. The Indian equity market extended
its declining trend for the second consecutive week as unabated selling
pressure dragged Nifty below 8,000. For
the week, Sensex closed at
26,265 and Nifty closed at 7,954 down by 1.3% each.
TECHNICAL ANALYSIS FOR NIFTY
We had mentioned in last week’s closing report that Nifty, Sensex
are weak and that while Nifty may bounce back during the week, the rallies will
be met by selling until Nifty reclaims 8,200.still Nifty having 200 ema at 8200
level and 55 ema at 8122 as a strong resistance for rally. Over the week, the
indices steadily lost ground though making small losses in each day’s trading.
Considering the whole week, the losses have been on the scale of 1%-1.5% in
each of the indices. Based on the current cautious mood of the investors, it
can be said that the indices are not likely to make big gains immediately next
week, even though we expect a small rally. This week Nifty was in
a range of 8145 - 7946 in November series. now don't expect much downside below
7800 in Nifty in November series.
AS PER TECHNICAL,
ABOVE
8100 IT IS BULLS AREA
BULLS
CAN TARGET 8150 AND 8300,
BELOW 7950 BEARS ARE ALSO CAN BE ACTIVE
BELOW 7950 BEARS ARE ALSO CAN BE ACTIVE
BEARS
CAN TARGET 7900 AND 7800,
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