Nifty
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NIFTY NEAR TO BREACH ITS 50 DAY EMA LEVEL
Figure: 1 Source: QuoteCenter, Period: Daily
WEEKLY CLOSE: 4360
SUPPORT 1: 4280-4230
RESISTANCES 1: 4383.37
WOW CHG: UP 1.14%
SUPPORT 2: 4160
RESISTANCES 2: 4450
RELITIVE STRENGTH INDEX: 50.42
SUPPORT 3: 4098
RESISTANCES 3: 4530-4620
WEEKLY WRAP:
Market temper turned for the better on the last trading day of the week due to macro-economic factors like drop in inflation after a five-week long rising strip, Inflation declined to 12.40% for the week ended August 16 as against 12.63% while expected around 12.79%. And GDP has declined to 7.9% in the first quarter as against 9.2% in same period of last year and 8.8% in previous quarter in line with market experts’ expectations.
As we see as a whole week performance of market than we find that market was very range bound and in last day market cover its retracement of 50% to 61.8%, and close above 61.8% retracement level of 4344.
WEEK AHEAD:
In next week we can see some bounce back or range bound movement, Nifty close near to its 50 day EMA level i.e. 4383.37 (shown as a pink line in graph), Nifty closed above its 61.8% level of 4344. If market will able to maintain above these levels, than we can expect bounce back or relief really of 200-300 points in the market. There is only one event i.e. Nuclear Supplier Group's meet on Sep 4-5 in Vienna. And investors are also looking forward to a positive outcome of this meet.
RESISTANCE AREA:
Nifty having resistance at 4383.67 level (this is 50 day EMA level), if Nifty will able to sustain above this level than 4450 is the next resistance level for Nifty, above this level 4530 and 4620 are the broad range for market.
SUPPORT AREA:
Nifty having major support at 4280-4230 level, this range will very critical zone for Nifty in next week, if this range breached by Nifty than we can see 4160 and 4098.
Indicator watch:
RSI (Relative Strength Index) indicator facing resistance of 52.45 levels, currently RSI traded at 50.42. If RSI breached its up slopping trend line than 55-58-60 is the range for Nifty RSI in buoyant market. RSI support comes at 46-41 level.
Figure: 1 Source: QuoteCenter, Period: Daily
WEEKLY CLOSE: 4360
SUPPORT 1: 4280-4230
RESISTANCES 1: 4383.37
WOW CHG: UP 1.14%
SUPPORT 2: 4160
RESISTANCES 2: 4450
RELITIVE STRENGTH INDEX: 50.42
SUPPORT 3: 4098
RESISTANCES 3: 4530-4620
WEEKLY WRAP:
Market temper turned for the better on the last trading day of the week due to macro-economic factors like drop in inflation after a five-week long rising strip, Inflation declined to 12.40% for the week ended August 16 as against 12.63% while expected around 12.79%. And GDP has declined to 7.9% in the first quarter as against 9.2% in same period of last year and 8.8% in previous quarter in line with market experts’ expectations.
As we see as a whole week performance of market than we find that market was very range bound and in last day market cover its retracement of 50% to 61.8%, and close above 61.8% retracement level of 4344.
WEEK AHEAD:
In next week we can see some bounce back or range bound movement, Nifty close near to its 50 day EMA level i.e. 4383.37 (shown as a pink line in graph), Nifty closed above its 61.8% level of 4344. If market will able to maintain above these levels, than we can expect bounce back or relief really of 200-300 points in the market. There is only one event i.e. Nuclear Supplier Group's meet on Sep 4-5 in Vienna. And investors are also looking forward to a positive outcome of this meet.
RESISTANCE AREA:
Nifty having resistance at 4383.67 level (this is 50 day EMA level), if Nifty will able to sustain above this level than 4450 is the next resistance level for Nifty, above this level 4530 and 4620 are the broad range for market.
SUPPORT AREA:
Nifty having major support at 4280-4230 level, this range will very critical zone for Nifty in next week, if this range breached by Nifty than we can see 4160 and 4098.
Indicator watch:
RSI (Relative Strength Index) indicator facing resistance of 52.45 levels, currently RSI traded at 50.42. If RSI breached its up slopping trend line than 55-58-60 is the range for Nifty RSI in buoyant market. RSI support comes at 46-41 level.
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