WEEKLY
RESISTANCE FOR NIFTY: 8700, 8758, 8782, 8839
PIVOT
POINT: 8667
WEEKLY
SUPPORT FOR NIFTY : 8643,8618,8585,8552
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 8691, 8703, 8727,8751
PIVOT
POINT: 8678
DAILY
SUPPORT FOR NIFTY : 8654, 8642, 8629, 8600
DAILY
CHART FOR NIFTY
Sensex
opened the week at 28026, made a high of 28201, low of 27955 and closed the
week at 28077. In the week ended Friday, 19 August 2016, the Sensex fell 75.40
points or 0.26% to settle at 28,077. At the same time the Nifty opened the
week at 8695, made a high of 8713, low of 8601 and closed the week
at 8680. The Nifty fell 5.25 points or 0.06% to settle at 8,680.
TECHNICALLY SPEAKING
Technically, Indian Stock Market is in positive trend. Market
would see further positive movement and Next target for BankNifty would be
19500-20000 levels. Now, traders should watch for Nifty resistance of 8750
levels. Once Nifty breaches those levels, we would see new highs in days to
come. Overall market is positive and traders should hold long positions and add
more on dips. Market is still in consolidation phase and further correction can’t
be ruled out at this point of time. BankNifty would see immediate resistance at
19500 levels by closing and breaching these levels by closing would force
market to see sharp breakout. BankNifty would surely see some correction but
traders should continue to buy at dips as of now. BankNifty closes above 19400
levels, traders can expect the targets of 19500-20000 levels. Until then market
would consolidate in a range bound region. Since, MACD and Price ROC both are
positive and continue with their Buy signals. RSI (67) suggests bullish
momentum. This week, both the indices continued to remain well above the short term average of 20dma Nifty – 8620, medium term average of 50dma Nifty – 8430 and even the long term average of 200dma Nifty – 8100. 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 body Star 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.
Good analysis.
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