NIFTY WEEKLY REPORT FOR 17 OCT TO 21 OCT 2016

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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.

NIFTY OOUTLOOK & FREE NIFTY TIPS FOR 17 OCT 2016

The Indian equity market opened in green after massive cuts yesterday and also rebound in Asian markets. India’s annual rate of inflation based on wholesale prices eased on a month-on-month basis to 3.57% in September from 3.74 % in August. The Sensex ended 30 points higher at 27673 and Nifty jumped 10 points to close at 8583. The BSE Sensex ended with a gain of 30 points at 28507. The BSE Sensex opened at 27712 touched an intra-day high of 27764 and low of 27548. The NSE Nifty closed with a gain of 10 points at 8583. The NSE Nifty opened at 8594 hitting a high of 8604 and low of 8549.

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 14 OCT 2016

Indian markets today fell sharply, with the Nifty taking out the key 8600 level with ease while the Sensex broke below 28000. Nifty fell to its lowest level in three months on Thursday as caution ahead of key quarterly results dragged down heavyweights in financial, technology and industrial sectors, with weak Chinese data hurting global risk appetite. The Sensex ended today’s trading with a loss of 439 points at 27643. It opened at 28043, touched an intra-day high of 28043 and low of 27643. The NSE Nifty closed with a loss of 135 points at 8573. It opened at 8672, hit an intra-day high of 8682 and low of 8541.
The market is showing correction. The full brunt of the market fall is not yet played out and there could be legs to the correction. While it is too early to say if this is a firm trend reversal, the Nifty has now retreated from a recent top of nearly 8,900 to about 8,575 now, signally a pretty deep cut to equities. On the upside, the contract has significant resistances at 8700 and 8750 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8800 and 8900 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 8600 and 8530.
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Supports: 8600 and 8530
Resistances: 8700 and 8750

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 13 OCT

Indian market ended today's listless session on a flat note and Nifty managed to close above its crucial psychological of 8700. Finally, the Sensex ended with a gain of 21 points at 28082. It opened at 28144, touched an intra-day high of 28217 and low of 28068. The Nifty closed with a gain of 17 points at 8715. It opened at 8735, hit an intraday high of 8746 and low of 8704.

NIFTY WEEKLY REPORT FOR 10 OCT TO 14 OCT 2016

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WEEKLY RESISTANCE FOR NIFTY: 8784, 8826, 8873, 8921

PIVOT POINT: 8742

WEEKLY SUPPORT FOR NIFTY :  8647,8605,8563,8473

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8747, 8761, 8803,8831

PIVOT POINT: 8719

DAILY SUPPORT FOR NIFTY :  8691, 8677, 8663, 8607

DAILY CHART FOR NIFTY

Sensex opened the week at 27865, made a high of 28451, low of 27865 and closed the week at 28061. Thus it closed the week with gain of 248 points. At the same time the Nifty opened the week at 8797, made a high of 8837, low of 8604  and closed the week at 8638. The Indian equity market fluctuated between gains and losses amid mixed global clues and ahead of U.S payrolls data. And continue to trade in a narrow range with negative bias weighed down by selling pressure among IT and oil shares.

TECHNICALLY SPEAKING.

MACD and Price ROC are both positive and continue in Buy mode. RSI (48) suggests bearish momentum. This week, both the indices remained comfortably above the short term average of 20dma Nifty – 8750, medium term average of 50dma Nifty – 8670 and even the long term average of 200dma Nifty – 8300. Thus the trend in the short term, medium term and even the long term timeframe continues to remain Bullish.

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 10 OCT 2016

The week has ended on lackluster node. There was no positive trigger in the whole session. Sensex ended Friday's range-bound session 45 points lower and the Nifty settled below the crucial 8700 level as IT and energy shares came under selling pressure. Meanwhile, caution also prevailed ahead of a US jobs report due later in the day and the start of quarterly earnings season next week. The Sensex ended today’s trading with a loss of 45 points at 28061. It opened at 28129, touched an intra-day high of 28156 and low of 27965. The NSE Nifty closed with a loss of 12 points at 8698. It opened at 8722, hit an intra-day high of 8724 and low of 8664.

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 7 OCT 2016

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Market is in consolidation face. Sensex fell over 100 points while the broader Nifty closed below its crucial psychological level of 8750 on the back of selling pressure in banking, IT and pharma stocks. The short-covering rallies have been halted by consolidation and caution ahead of key global event risks. The Sensex ended today’s trading with a loss of 115 points at 28106. It opened at 28298, touched an intra-day high of 28329 and low of 28031. The Nifty closed with a loss of 34 points at 8710. It opened at 8769, hit an intra-day high of 8781 and low of 8685.

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 6 OCT 2016

On Wednesday market breadth was tilted in the favor of the bears.  India market erased its gains initial gains and was trading marginally lower due to weak Asian cues. The Nifty reclaimed its crucial level of 8800 supported by gains in realty, power, metal, consumer durable, capital goods, auto, and banks. The Sensex ended with a loss of 114 points at 28221. It opened at 28426, touched an intra-day high of 28478 and low of 28189. The Nifty closed with a loss of 25 points at 8743. It opened at 8806, hit an intra-day high of 8807 and low of 8731.