WEEKLY RESISTANCE FOR NIFTY: 9867,9925,10004,10084
PIVOT POINT: 9810
WEEKLY SUPPORT FOR NIFTY : 9730,9651,9596,9536WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 9838, 9854, 9884,9914
PIVOT POINT: 9821
DAILY SUPPORT FOR NIFTY : 9791,9761,9745,9728DAILY CHART FOR NIFTY
Sensex opened the week at 31677, made a high of 31677, low of 31142and closed the week at 31272. Thus the Sensex closed the week with loss of642 points.At the same time the Nifty opened the week at 9981, made a high of 10005 low of 9728and closed the week at 9795. Thus the Nifty closed the week with loss of226points.The Sensex and Nifty gained for a second straight session on Friday as the domestic sentiment improved after the government stuck to its budgeted market borrowing for the year, easing concerns New Delhi would widen its fiscal deficit target.Indian markets have been under pressure this month on foreign fund outflows amid worries that the government may widen its fiscal deficit.
As the Correction continues, markets are witnessing Selling at every higher levels and this will continue till the market conquers the Resistance zone of Nifty 9900.nextkey resistances are at 9920and 9950, 9980.On the other hand, A strong break below 9780 will increase the downside pressure and on the Closing bases below 9750 would initiate a big downfall. Such a break can drag the contract lower to 9,700 and 9670. Traders can wait for Nifty to close out of 9848-9780 range for next breakout. Closing above 9848 would force Nifty to resume its positive movement whereas closing below 9780 could force further downfall upto 9700-9650 in days to come. But until then traders can wait for confirmation of the direction as market has paused after a big downfall.Nifty would show some strength only if it closes above 9900 levels and until then market is prone to further profit booking. Technically, Nifty enter into negative zone today, it was closed below the support 9800 levels.
MACD despite being in negative zone continues with its sell signal. Price ROC continues to remain negative and in sellmode. RSI (40) still suggests Bearish momentum. As long as the NIFTY trades above the levelof 9900, the outlook for the session will remain bullish. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 9920. Next key resistances are at 9955, 9980 and 10000 levels.Key supports below 9780 are at 9750,9730 and 9700.
This week, the indices short term average of 22dma Nifty – 9948close below it. The indices continue to remain below the medium term average of 55dma Nifty – 9900 but above the long term average of 200dma Nifty –9415. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.