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WEEKLY
RESISTANCE FOR NIFTY: 8900, 8940, 8968, 8996
PIVOT
POINT: 8862
WEEKLY
SUPPORT FOR NIFTY : 8834,8806,8767,8661
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 8870, 8889, 8909,8937
PIVOT
POINT: 8850
DAILY
SUPPORT FOR NIFTY : 8812, 8792, 8763, 8734
DAILY
CHART FOR NIFTY
Sensex opened the week at 28626, made a high of 28871, low of 28462 and closed the week at 28668. Thus it closed the week
with a gain of 69 points. At
the same time the Nifty opened the week at 8788, made a high of 8893, low of 8757 and closed the week at 8831. Thus the Nifty closed the
week with a gain of 52
points. "Nifty edged marginally lower on Friday and lost nearly half
a percent, tracking decline in select index majors. The move was on expected
line in Nifty and we believe it’ll continue ahead also. However, the
range would be broader due to upcoming F&O expiry.
FED announcement to keep interest rates
unchanged
The first Principle of the Classical
Theory ‘Price Discounts Everything’ was at play in the week gone by. The FED
announcement to keep interest rates unchanged was already discounted in the
price. The formation of Bearish Doji confirmed the above Principle. No doubt
the narrow trading range was broken after a big gap up opening but the bullish
momentum could not sustain as it resulted in profit booking. Only a close above
Nifty 8893 will pave the way for further upward movement.