WEEKLY
RESISTANCE FOR NIFTY: 8580, 8632, 8661, 8689
PIVOT
POINT: 8527
WEEKLY
SUPPORT FOR NIFTY : 8499,8470,8418,8364
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 8580, 8599, 8620,8641
PIVOT
POINT: 8562
DAILY
SUPPORT FOR NIFTY : 8541, 8520, 8500, 8483
DAILY
CHART FOR NIFTY
Sensex
opened the week at 27208, made a high of 28039, low of 27047 and closed the
week at 27852. Thus it closed the week with gain of 726 points. At the same
time the Nifty opened the week at 8432, made a high of 8604, low of
8422 and closed the week at 8557. Thus it closed the week with gain of 227
points. The Indian stock market closed lower on Friday with the Nifty closing above
the 8550 mark. The benchmarks under-performed the Asian peers, as index
heavyweight Infosys posted disappointing results and slashed revenue
forecasts.
CONSOLIDATION AUGURS WELL FOR BULLS.
In a Bull market,
it is normal to have a consolidation after a sharp upward move (more than 227 points on Nifty in 6
trading sessions). The current consolidation augurs well for the Bulls, as it
will provide adequate strength to the Bulls to challenge the immediate short
term top (Nifty 8600) and then
continue with its upward journey. One positive aspect for the week was the
Sensex closing above the strong Retracement level of 61.8% i.e. 27852 for three trading
sessions. As long as it trades above this level, one can expect the indices to
challenge their life time highs.