WEEKLY
RESISTANCE FOR NIFTY: 8786, 8846, 8876, 8905
PIVOT
POINT: 8757
WEEKLY
SUPPORT FOR NIFTY : 8727,8697,8667,8608
WEEKLY CHAT FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 8849, 8865, 8885,8904
PIVOT
POINT: 8832
DAILY
SUPPORT FOR NIFTY : 8790, 8777, 8760,8724
DAILY
CHART FOR NIFTY
Sensex opened the week at 28355, made
a high of 22575, low of 28122 and closed the week at 28440.
Thus it closed the week with a gain of 115 points. At the same time the
Nifty opened the week at 8836, made a high of 8872, low of 8727and
closed the week at 8826.Thus it closed the week with a gain of 22points.Indices settled the day higher, gaining for the fourth
straight week driven by financials even after RBI put HDFC
Bank back in the FII ban list.The
Central Bank said the private bank has crossed overall limit of 74% of its
paid-up capital and no further purchases of shares the bank would be allowed
via exchanges for FIIs. It had allowed foreign investors to resume buying in
the private bank earlier.
Go long on
dips at 8,805 with a stop-loss at 8,780
Following a gap up open at 8,869, the Nifty recorded an intra-day high of 8,872 and began to decline, witnessing selling pressure as well as profit-taking.The nifty found support at its intra-day low of 8,800 and began to trend upwards.The key support at 8,800 has provided base for the contract. The near-term trend is up. The outlook will remain positive as long as the contract trades above the key support level of 8,800.Traders with a short-term view can stay invested with a stop-loss at 8,800.Key immediate supports are at 8,800 and 8,780. Only a conclusive fall below 8,800 will bring back selling pressure and pull the contract down to 8,750 and then to 8,720 levels.On the upside, strong rally beyond 8,870 can push the contract higher to 8,880 and then to 8,900 levels in the near term.
Following a gap up open at 8,869, the Nifty recorded an intra-day high of 8,872 and began to decline, witnessing selling pressure as well as profit-taking.The nifty found support at its intra-day low of 8,800 and began to trend upwards.The key support at 8,800 has provided base for the contract. The near-term trend is up. The outlook will remain positive as long as the contract trades above the key support level of 8,800.Traders with a short-term view can stay invested with a stop-loss at 8,800.Key immediate supports are at 8,800 and 8,780. Only a conclusive fall below 8,800 will bring back selling pressure and pull the contract down to 8,750 and then to 8,720 levels.On the upside, strong rally beyond 8,870 can push the contract higher to 8,880 and then to 8,900 levels in the near term.
DECLINE WILL BE A
BUYING OPPORTUNITY.
The market is undergoing a
consolidation after whipping up a staggering 10% upward movement in a short
span of around six weeks; hence it is not uncommon to see the market moving
sideways in the whole of last week. As a result of such sharp rally, many
momentum oscillators have entered overbought territory and one can expect
either a time-wise consolidation or a price-wise consolidation. Currently
the indices are undergoing a time-wise consolidation, but one should not be
surprised if the consolidation changes to price-wise correction, which should
provide a buying opportunity.
TECHNICALLY SPEAKING.
The
support for the Nifty is 8800-8780-8760-8730-8690-8650 and the resistance to
the up move is at 8840-8860-8875-8890-8900-8920 levels.MACD and Price ROC are
both positive and continue in buy mode. RSI (65) suggests bearish
momentum. This week, the indices tested the short term average of
22dma Nifty – 8670 close above it. the indices continue to remain above the medium term average of 55dma Nifty –
8210 but above the long term average of 200dma Nifty –8362. Thus the trend
in the short term and medium term timeframe remains bullish whereas the trend
in the long term timeframe still continues to remain bullish.
sir i have been reading your blog for long time now. i think markets should correct atleast by some thousand points in sensex. every company is in multiple of 30 or something whereas ground reality is bad. no expenditure power by common man. farmers in debt and IT industry in pain. where is the steak ???
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