WEEKLY
RESISTANCE FOR NIFTY: 8564, 8591, 8627, 8666
DAILY RESISTANCE FOR NIFTY: 8557, 8575, 8587,8599
PIVOT
POINT: 8538
WEEKLY
SUPPORT FOR NIFTY : 8499,8466,8439,8413
WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 8557, 8575, 8587,8599
PIVOT
POINT: 8538
DAILY
SUPPORT FOR NIFTY : 8526, 8514, 8496, 8477
DAILY
CHART FOR NIFTY
Sensex
opened the week at 27938, made a high of 28027, low of 27641 and closed the
week at 27710. Thus it closed the week with loss of 142 points. At the same
time the Nifty opened the week at 8432, made a high of 8604, low of
8422 and closed the week at 8557. Thus it closed the week with gain of 227
points. Markets recouped on
friday losses to end marginally higher on reports that the GST constitutional
amendment bill has been listed for discussion in the Rajya Sabha next week.
BIAS
REMAINS POSITIVE.
Last week was a ‘nothing’ week as the indices continued to trade
in a very narrow range. Nifty continues to move in a small range (8594-8476) of
just 118 points. This can be termed as a Consolidation with a bullish bias. A
narrow range seems like a precursor of a bigger move which is likely to follow.
A break on the lower side of the range will lead the Nifty to test the weekly
Bullish Gap between 8407-8398; whereas a bullish breakout to the trading range
will lead the Nifty towards the Flag target of 8869.
TECHNICALLY SPEAKING
Indian Stock Market is still in
positive zone. Since, MACD and Price ROC both are positive and continue with their Buy
signals. RSI (65) suggests bullish momentum. Stochastic Oscillator %K (82) is
in Sell mode as it is below %D. ADX has improved to 23 which suggest that
Uptrend is getting developed. Directional Indicators continue in Buy mode as
+DI is above –DI. MFI (49) suggests Negative Money Flow. Thus majority of Oscillators are suggesting a bullish
bias in the near term.This week, both the indices continued to remain well above the short term average of 20dma (Sensex – 27348 and Nifty – 8388), medium term average of 50dma (Sensex – 26757 and
Nifty – 8202) and
even the long term average of 200dma (Sensex – 25696 and
Nifty – 7831). Thus the trend in the short term, medium term
and the long term timeframe continues to remain Bullish.
On the
weekly charts, both Sensex and Nifty have made a small Black bodyStar which is a
neutral formation. On the daily charts, both the indices have formed a Bullish Harami pattern, which
is a Bullish Reversal pattern. But in this case, it will have little
significance as it has formed in a sideways consolidation. Thus daily as well as candlestick
analysis suggests a consolidation in the near term with a bullish bias.
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