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WEEKLY
RESISTANCE FOR NIFTY: 8293, 8340, 8366, 8392
PIVOT
POINT: 8245
WEEKLY
SUPPORT FOR NIFTY : 8219,8193,8146,8098
WEEKLY CHAT FOR NIFTYDAILY RESISTANCE FOR NIFTY: 8299, 8313, 8335,8357
PIVOT
POINT: 8284
DAILY
SUPPORT FOR NIFTY : 8262, 8240, 8226,8211
DAILY CHART FOR NIFTY
Sensex opened the week
at 26522, made a high of 26971, low of 26469 and closed the week at 26759.
Thus it closed the week with a gain of 157 points. At the same time the
Nifty opened the week at 8215, made a high of 8329, low of 8151 and
closed the week at 8268. Thus it closed the week with a gain of 81
points. The nifty ended down 30 points or 0.36 per cent at 8,243.8, after
hitting its highest since November 11 earlier in the day. And ended 0.71 per
cent higher for the week, its second such gain. The Indian shares fluctuated
between gains and losses before ending the session lower on last hour of
accelerated selling. The market gained to a near two-month high, ahead of the
announcement of GDP data.
Initiate Short Only If Nifty Closes Below 8250, Until Then
Hold Long Positions
Technically,
analysis would remain same and Indian Stock Market is still in positive zone.
Market would enter into negative zone once Nifty closes below 8250 levels for
Nifty Traders can initiate fresh short position once market closes below these
levels. Market has consolidated for long time and now there are strong
possibility of a breakout or breakdown in upcoming days. Once Nifty closes
below 8250 levels then market would see a sharp breakdown. So traders can hold
long positions only till Nifty hold these levels by closing. Nifty would see
strong support at 8250-8226-8180-8150 whereas strong resistance would be seen
at 8330-8365-8405-8445 levels.
TECHNICALLY SPEAKING.
On the
daily charts, Nifty have formed a SHORT BLACK CANDLESTICK This candlestick alone is
not reliable enough to decide about bearishness since it reflects only one
day’s trading. It may show the continuation of a trend as well as a reversal.
Other neighboring candlesticks must be taken into consideration for a healthy
decision regarding the market direction. Thus daily candlestick study
indicates a major bullish bias in the near term. MACD and Price ROC are both positive
and continue in buy mode. RSI (60) suggests bearish momentum. This week,
the indices tested the short term average of 22dma Nifty – 8320 but could
not close above it. the indices continue to remain below the medium term
average of 55dma Nifty – 8250 but above the long term average of 200dma Nifty –
7600. Thus the trend in the short term and medium term timeframe remains bullish
whereas the trend in the long term timeframe still continues to remain bullish.
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