WEEKLY RESISTANCE FOR NIFTY: 7926, 7959,
8011, 8063
PIVOT POINT: 7894
WEEKLY SUPPORT FOR NIFTY :
7842,7757,7725,7641
WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: , 7896, 7918, 7951,7983
PIVOT POINT: 7874
DAILY SUPPORT FOR NIFTY : 7809,
7787, 7865, 7706
DAILY CHART FOR NIFTY
Sensex
opened the week at 25862, made a high of 26089, low of 25431 and closed the
week at 25606. Thus it closed the week with a loss of 235 points. At the same
time the Nifty opened the week at 7905, made a high of 8000,
low of 7831 and closed the week at 7853. Thus the Nifty closed the week with a
loss of 60 points.
TECHNICALLY SPEAKING.
"SENSEX BELOW 200DMA."
This is a critical time for the market, as the indices grapple
with the long term average of 200dma. Interestingly, Nifty overcame the 200dma
and closed above it but Sensex failed to do so. A failure to overcome the
200dma in next week will not spell good news for the Bulls. Besides, the
indices are facing a very strong confluence zone between Sensex
26256-26259 and Nifty 7979-8000. Only a close above it will pave the way for
further upward move or else expect the downward slide to resume.