WEEKLY RESISTANCE FOR NIFTY: 8191, 8226, 8311, 8345
PIVOT POINT: 8180
WEEKLY SUPPORT FOR NIFTY : 81576, 8134, 8114, 8074
WEEKLY CHAT FOR NIFTY
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DAILY RESISTANCE FOR NIFTY: 8195, 8234, 8273,8311
PIVOT POINT: 8155
DAILY SUPPORT FOR NIFTY : 8117, 8078, 8039, 7999
DAILY CHART FOR NIFTY
Sensex :-
opened the week at 25735, made a high of 27020, low of 23002 and closed the
week at 26525. Thus it closed the week with a loss of 80 points. At the same
time the Nifty opened the week at 8124, made a high of 8232, low of 8076
and closed the week at 8163.
"Supported by global markets’’ rebound after
being on the back foot through the week, Indian stocks opened positive.The
Indian equity market closed with modest gains on Friday amid a choppy session.
Indices managed to clock in marginal gains tracking positive global cues.
MARKET UNABLE TO CLEAR NIFTY 8250.
As expected the market was extremely sluggish throughout the week. closing below 61.8% Retracement of Nifty i.e. 8243, This is not a sign of reversal; it is just a consolidation to gather strength; which will help the Bulls to overcome the above mentioned critical level.In the near term, expect strong support at the Bullish Gap between 7954-7944.
20 DMA ACTS AS STRONG SUPPORT
The market has settled in a small range of Nifty 8045 on the lower side and 8300 on the higher side. Weekly movement on the indices has been zero, but that does not depict the real picture. Global concerns are weighing heavy on the market and as a result Volatilityhas been on an upswing. Interestingly, both Sensex and Nifty took support at the short term moving average of 20dma, for all days of the past week. A close below the 20dma will pave the way for the indices to test the strong support at the Bullish Gap between Nifty 7948-7941.
TECHNICALLY SPEAKING
This week, both the indices managed to close above the short term average of 20dma Nifty – 8050, medium term average of 50dma Nifty – 7932 and even the long term average of 200dma Nifty – 7770. Thus the trend in the short term, medium term and the long term timeframe has turned Bullish.RSI (58) indicates bullish momentum. MFI (55) suggests Positive Money Flow. Thus majority of Oscillators are suggesting a bullish bias in the near term. A break of the 20dma will not only turn the short term to Bearish, but will open the door to sub-8000 levels and a testing of the Bullish Gap between Nifty 7948-7941. On the other hand, a decisive break above 8245 will ease the downside pressure and take the index futures higher to 8350 and 8400 thereafter.If global cues support then this positive movement would continue till 8500 levels for Nifty.
MARKET UNABLE TO CLEAR NIFTY 8250.
As expected the market was extremely sluggish throughout the week. closing below 61.8% Retracement of Nifty i.e. 8243, This is not a sign of reversal; it is just a consolidation to gather strength; which will help the Bulls to overcome the above mentioned critical level.In the near term, expect strong support at the Bullish Gap between 7954-7944.
20 DMA ACTS AS STRONG SUPPORT
The market has settled in a small range of Nifty 8045 on the lower side and 8300 on the higher side. Weekly movement on the indices has been zero, but that does not depict the real picture. Global concerns are weighing heavy on the market and as a result Volatilityhas been on an upswing. Interestingly, both Sensex and Nifty took support at the short term moving average of 20dma, for all days of the past week. A close below the 20dma will pave the way for the indices to test the strong support at the Bullish Gap between Nifty 7948-7941.
TECHNICALLY SPEAKING
This week, both the indices managed to close above the short term average of 20dma Nifty – 8050, medium term average of 50dma Nifty – 7932 and even the long term average of 200dma Nifty – 7770. Thus the trend in the short term, medium term and the long term timeframe has turned Bullish.RSI (58) indicates bullish momentum. MFI (55) suggests Positive Money Flow. Thus majority of Oscillators are suggesting a bullish bias in the near term. A break of the 20dma will not only turn the short term to Bearish, but will open the door to sub-8000 levels and a testing of the Bullish Gap between Nifty 7948-7941. On the other hand, a decisive break above 8245 will ease the downside pressure and take the index futures higher to 8350 and 8400 thereafter.If global cues support then this positive movement would continue till 8500 levels for Nifty.
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