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WEEKLY RESISTANCE FOR NIFTY: 8677, 8719, 8789, 8859
WEEKLY RESISTANCE FOR NIFTY: 8677, 8719, 8789, 8859
PIVOT
POINT: 8635
WEEKLY
SUPPORT FOR NIFTY : 8565,8495,8453,8411
WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 8612, 8628, 8636,8644
PIVOT
POINT: 8596
DAILY
SUPPORT FOR NIFTY : 8588, 8564, 8548, 8524
DAILY CHART FOR NIFTY
Sensex
opened the week at 28125, made a high of 28190, low of 27575 and closed the
week at 27673. Thus it closed the week with gain of 248 points. At the same
time the Nifty opened the week at 8590, made a high of 8613, low of 8565
and closed the week at 8605.
TREND TURNS BEARISH.
Market is
now playing out the Bearish Rising Wedge breakout and is headed southwards.
Rising Wedge is amongst the very few lead patterns and now its effect is being
felt by the market as this week saw even minor pull-backs being sold.
Interestingly markets closed below the 50dma, which has turned even the medium
term trend to bearish. If Nifty 8558 then it will lead to another strong
bearish pattern breakout, which will take the indices lower towards the long
term average of 200dma.