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WEEKLY
RESISTANCE FOR NIFTY: 8716, 8786, 8827, 8867
PIVOT
POINT: 8646
WEEKLY
SUPPORT FOR NIFTY : 8606,8565,8495,8425
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 8707, 8725, 8745,8772
PIVOT
POINT: 8690
DAILY
SUPPORT FOR NIFTY : 8670, 8652, 8635, 8600
Sensex
opened the week at 27673, made a high of 28206, low of 27508 and closed the
week at 28077. Thus it closed the week with gain of 248 points. At the same
time the Nifty opened the week at 8608, made a high of 8728, low of 8507 and
closed the week at 8700. The Indian equity market ended in the red on Friday
tracking declines in Asian stocks as a stronger dollar weighed on crude oil
prices, hurting investor risk appetite. In first half, bias was slightly on the
negative side but swift recovery in last one hour of trade completely trimmed
the intra-day losses.
8558 - CRITICAL LEVEL.
Even though there is a bullish candlestick
pattern formed on the daily charts on Friday, it will not lead to trend
reversal in the short or medium term timeframe. It can be termed as a price
reversal in the daily timeframe and once that minor pullback in price is done,
one can expect a break of the critical Trend line support of Nifty 8558.
Interestingly the equivalent level for the Sensex (27728) has been breached.
Thus as a result one can expect the indices to move lower to test the long term
average of 200dma.