Weekly Nifty Technical Report 10 To 14 Feb 2014
MARKET SUMMARY:
The Indian equity benchmark index nifty manages to recoup its initial losses & closed with mild cut for last week. The week was started on negative note with deeper cut on the back of lower GDP forecast by government & weakness in global market. The loss was extended for the second day moreover where once nifty had surrendered its 200-day SMA of 5972; yet as nifty is in classical bull market so it was manage to defend 5950 mark with smart recovery as DII received opportunity to buy from lower levels. At the end nifty closed at 6063 mark with cut of 0.43% amid intraday choppiness.
Weekly Nifty Levels
R1: 6130 R2: 6170 R3: 6230
Pivot: 6025
S1: 6030 S2: 5970 S3: 5920
CHART FORMATION:
Nifty defended 5970 mark & showing a reversal formation; hence traders are advised to go long for positional basis with stop loss at 5970 mark.
Swastika Share Broking Firm
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http://research4u.co.in/intraday_stock_commodity_tips/weekly-nifty-technical-report/
MARKET SUMMARY:
The Indian equity benchmark index nifty manages to recoup its initial losses & closed with mild cut for last week. The week was started on negative note with deeper cut on the back of lower GDP forecast by government & weakness in global market. The loss was extended for the second day moreover where once nifty had surrendered its 200-day SMA of 5972; yet as nifty is in classical bull market so it was manage to defend 5950 mark with smart recovery as DII received opportunity to buy from lower levels. At the end nifty closed at 6063 mark with cut of 0.43% amid intraday choppiness.
Weekly Nifty Levels
R1: 6130 R2: 6170 R3: 6230
Pivot: 6025
S1: 6030 S2: 5970 S3: 5920
CHART FORMATION:
- Nifty formed a dragonfly doji candlestick formation which is a first sign of reversal.
- Nifty manages to close above horizontal support line placed at 5972 mark.
- 6130-6190 zone will be crucial resistance for nifty at any pull back from current levels.
- 200-day SMA placed at 5977 mark which is major support in downside while 50-day SMA is placed at 6212 mark.
- Momentum indicators RSI & stochastic both are still negatively poised on weekly chart yet showing reversal on daily chart.
- Momentum oscillator CCI has slipped to -190 mark & MACD is placed at -70 mark.
Nifty defended 5970 mark & showing a reversal formation; hence traders are advised to go long for positional basis with stop loss at 5970 mark.
Swastika Share Broking Firm
Read More Info
http://research4u.co.in/intraday_stock_commodity_tips/weekly-nifty-technical-report/