NIFTY WEEKLY REPORT FOR 23 MAY TO 27 MAY 2016

WEEKLY RESISTANCE FOR NIFTY: 7871, 7903, 7962, 8021

PIVOT POINT: 7839

WEEKLY SUPPORT FOR NIFTY :  7721,7689,7657,7566

WEEKLY CHAT FOR NIFTY

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DAILY RESISTANCE FOR NIFTY: , 7810, 7855, 7891,7928

PIVOT POINT: 7782

DAILY SUPPORT FOR NIFTY :  7737, 7723, 7709, 7672

DAILY CHART FOR NIFTY

 

Stock Trading Tips   Sensex opened the week at 25489, made a high of 25870, low of 25454 and closed the week at 25447. Thus it closed the week with a loss of 50 points. At the same time the Nifty opened the week at 7840, made a high of 7957, low of 7775.25  and closed the week at 7785. Thus the Nifty closed the week with a loss of 47 points.

MARKET ENTERED NEGATIVE ZONE, SHORT AT EVERY POSITIVE RALLY

Indian Stock Market would open flat. Technically, Indian Stock Market has entered into negative zone. Today, some short-covering rally may be seen after a sharp downfall but Traders should go short at every positive rally in the market. Now next target for Nifty would be 7720-7685. Fears of FED Rate Hike would further pressurize the markets across the globe. Overall, now market would be considered negative and the trade is to go short at every rally in the market for better profits. Few Indian Corporate Giants would disclose their q4 results today that would further affect the market direction.

THIS WEEK, both the indices overcame the short term average of 22 dma Nifty 7830 and closed above  it. Nifty continues to remain above the medium term average of 55 dma Nifty 7730 but are just below the long term average of 200dma Nifty  7800 . Thus the trend in the short term timeframe has turned bearish; whereas the trend in the medium term timeframe continues to remain down but the trend in the long term timeframe continues to remain bearish. Nifty  have started their Retracement from critical levels of 7992. The failure of indices to overcome the Resistance zone has resulted in the ongoing Correction of the entire upward rally.  The relevant Retracement levels are placed at Nifty 7546-7409-7271.Since, MACD and Price ROC are both positive and have signaled a fresh Buy. RSI (48) indicates bullish momentum. Options data for May series indicate highest Call Open Interest build-up has shifted to the strike of 8000 and highest Put build-up continues to remain at 7700. Thus Option data suggests a trading range with resistance coming in at 8000 and support at 7700.