WEEKLY
RESISTANCE FOR NIFTY: 7759, 7813, 7849, 7886
PIVOT
POINT: 7705
WEEKLY
SUPPORT FOR NIFTY : 7668,7632,7578,7524
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 7761, 7780, 7820, 7844
PIVOT
POINT: 7742
DAILY
SUPPORT FOR NIFTY : 7727, 7693, 7674, 7606
DAILY CHART FOR NIFTY
Sensex opened the week
at 25345, made a high of 25474, low of 25130 and closed the week at 25269. Thus
it closed the week with a loss of 302 points. At the same time the Nifty opened
the week at 7715, made a high of 7778, low of 7597 and
closed the week at 7740. Thus the Nifty closed the week with a gain of 40
points.
NIFTY FUTURE AS PER
TECHNICAL
This week, both the
indices managed to stay and close above the short term average of 22 dma Nifty
– 7640 and even the medium term average of 50dma Nifty – 7516. and Nifty still
continue to remain well below the long term average of 200dma Nifty – 7840.
Thus, the trend in the short term and medium term timeframe is positive. As we
have mentioned last week that the support for the index lies in the zone of
7800 to 7900 where 100 & 500 Daily SMA is lying. If the index manages to
close below this levels then the index can seen to the levels of 7400 to 7500
where short term moving averages are lying. During the next week the index
manages to hit a level of 7846 and bounce to close the week around the levels of
8025. Support for the index lies in the zone of 7750 to 7800 where 100 &
500 Daily SMA is lying. If the index manages to close below this level then the
index can drift to the levels of 7400 to 7500 where short term moving averages
are lying.