NIFTY WEEKLY REPORT FOR UPCOMING WEEK AS ON 2 -MAY 2016
WEEKLY RESISTANCE FOR NIFTY: 7926, 7959, 8011, 8063 ,,,PIVOT POINT: 7894 ,,WEEKLY SUPPORT FOR NIFTY : 7842,7757,7725,7641
Sensex opened the week at 25862, made a high of 26089, low of 25431 and closed the week at 25606. Thus it closed the week with a loss of 235 points. At the same time the Nifty opened the week at 7905, made a high of 8000, low of 7831 and closed the week at 7853. Thus the Nifty closed the week with a loss of 60 points.
This is a critical time for the market, as the indices grapple with the long term average of 200dma. Interestingly, Nifty overcame the 200dma and closed above it but Sensex failed to do so. A failure to overcome the 200dma in next week will not spell good news for the Bulls. Besides, the indices are facing a very strong confluence zone between Sensex 26256–26259 and Nifty 7979–8000. Only a close above it will pave the way for further upward move or else expect the downward slide to resume.
Indian Stock Market opened flat for the day. Complete Asian Market fell down sharply after Bank Of Japan’s monetary policy. strong support at 7815–7800–7780–7750 whereas strong resistance would be seen at 7900–7925–7980–8008 levels. Since,
A strong Resistance zone is seen at Nifty 7972–7979, which is due to the confluence of 50% Retracement Nifty — 7972 and previous intermittent tops Nifty — 7979. Thus for further upward rally to continue, it is necessary for the indices to overcome the above Resistance zone
IMPORTANT RESULTS NEXT WEEK:
HDFC, L&T, TVSMOTOR, CENTURYTEX, JINDALSTEL, SKSMICRO, HEXAWARE, WOCKPHARMA, TITAN, SUNPHARMA, HEROMOTOCO, RELCAPITAL
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