June 27, 2017

CHARTS FOR THE WEEK 29-08-2016 T0 02-09-2016 ( TECHNICAL INSIGHT )

Screenshot_2016-08-29-12-32-44NIFTY – WEEKLY

From a week to week perspective this was the 1st week where the oscillator turned negative.

For the bulls to have an upper hand this weeks low should not be breached. As of now it is perfectly at the support trend line.

 

NV Market 2NIFTY – DAILY

You may note that as of now Nifty atleast on the daily charts has given a weak close.

The support range lies any where between 8475 to 8525

For the upside momentum to continue this range should hold. Break below which can aggravate the selling pressure.

 

NV Market 3

DOLLEX 30- WEEKLY

As mentioned for the past couple of weeks, SENSEX in dollar terms is not showing the same strength as the SENSEX and has not even managed to cross the 61% retracement mark.

 

 

Screenshot_2016-08-29-12-33-26NIFTY F&O EXPIRY TO EXPIRY

Over and above the Dollex, this chart too signals that after 5 back to back positive Nifty close August expiry was the 1st one with a negative close ( red candle)

You may note that this is no indication of a sell off in the offing. It just shows that the markets cooled off in the month of         August and that the upside momentum has cooled.

Having remained sideways for the entire month of August 2016 ( F&O Series) the markets on a broader scale has lost the momentum partially. As of now the crux range is 8470-8500 which is also the last significant bottom and 50 days moving average.  As long as that level holds Nifty continues to make a higher bottom. A break below it will make us shift our entire focus to the Dollex 30 index.

 


From NAYAN M. VALA SECURITIES PVT.LTD.RESEARCH

By Dharmesh N. Vala

dharmesh@nayanmvala.com

www.nayanmvala.com

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