WEEKLY RESISTANCE FOR NIFTY: 8150, 8222, 8312, 8343
PIVOT POINT: 7839
WEEKLY SUPPORT FOR NIFTY : 7900,7862,7787,7622
WEEKLY CHAT FOR NIFTY
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DAILY RESISTANCE FOR NIFTY: , 8170,8212,8276,8311
PIVOT POINT: 7782
DAILY SUPPORT FOR NIFTY : 8000, 7955,7911,7856
DAILY CHART FOR NIFTY
Sensex opened the week at 25495, made a high of 26690,
low of 25460 and closed the week at 26653. Thus it closed the week with a loss
of 50 points. At the same time the Nifty opened the week at 7782,made a high
of 8181, low of 7722and closed the week at 8170. Thus the Nifty closed the
week with a loss of 47 points. Nifty would see strong support at 8005-7991-7959-7900
whereas strong resistance would be seen at 8086-8128-8180-8250 levels. The Indian equity market once again closed in the
green extending its winning streak to fourth straight session on Friday.
The Nifty closed at highest level in 7 months registering its biggest
weekly gain in nearly 3 months.
CONTINUE HOLDING LONG
POSITIONS AND BUY AT DIPS
Indian Stock Market would open flat. Technically,
Indian Stock Market is still in positive zone. Market may see some profit
booking today due to new contract but that would be temporary in nature.
Overall Market has seen a breakout and we would see sharp positive movements in
days to come. Next target is 8150-8250 for Nifty and 17500 for BankNifty. If
global cues support then this positive movement would continue till 8500 levels
for Nifty and 18000 levels for BankNifty. The only strategy for the traders
should be to hold long positions or initiate fresh long positions at every dip
in the market.
Since, MACD and Price ROC are both positive and
have signaled a fresh Buy. RSI (55) indicates bullish momentum. Options data for
May series indicate highest Call Open Interest build-up has shifted to the
strike of 8200 and highest Put build-up continues to remain at 7800.
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