NIFTY Ends Week at Range Resistance (21 Sep 2014)

NIFTY Weekly Market Index Chart Analysis

The S&P CNX NIFTY traveled a range of 235 points during the week, but finally closed at 8121.45, a marginal 51 points higher than its open.

As visible on the chart, the range in which NIFTY is traveling since mid-May 2014 still remains valid, and the market closed on the line of resistance, after falling to the middle of the range during the week.

The weekly candlestick is a Hanging Man.  After last week's Doji at the market top, a Hanging Man is not a very positive signal.  The RSI has remained stationery as well and the divergence is not yet cured.  Higher volume shows improving interest trading in the market.

Will NIFTY breakout from the point of Resistance and jump above, or will it dive back into the range?  This should be observed during the week.

8145 is the resistance level for this week.  This keeps going higher each week as the resistance is a slant and not horizontal.

Unfortunately, NIFTY has fallen below the 6-week steep-diagonal support line.  This isn't a heartening signal.

(1) A strong upward move pulling the index high from the resistance point (8145 is the resistance level for the week) ; &(2) the index closing above the resistance line for 2-3 consecutive days can lead to positive signal if other indicators agree. Unless this happens, do not go in for long positions.


All posts related to NIFTY

NIFTY Weekly Market Index Chart Analysis

NIFTY in Decreasing Triangle

NIFTY Weekly Chart Technical Analysis:

Nifty has been interestingly volatile in the past few weeks.

As visible on the chart, there is a resistance line of a decreasing triangle that Nifty is unable to break since the past 3 weeks.  This resistance line began in Nov 2010 and Nifty is unable to break the same as of yet.  

Think of a long position this week only if Nifty comfortably goes and closes above 5945.  In fact, there is a chance it might fall back to 5550 - 5600 levels.  Be alert, it's not a bull run yet.

All posts related to NIFTY

NIFTY Weekly Chart Technical Analysis

Reliance Ind Weekly: 1-5 Nov '10: Will Price cross Rs 1119?

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis:

This week ended on a sour note for Reliance Industries.  The week opened at Rs 1121 and fell to Rs 1062.65 but rallied back slightly to close at Rs 1105.70.

Market Outlook:  Rs 1119 is going to be an important decision making point for the price.  If price remains above this after 3rd week of November, its time to buy.  

Technical Indicators:

• The week ended with a Hanging Man Candlestick.  

• The price has also reached its point of 2 year old resistance trend line.

• 2 important lines of resistance and support dissect in the next couple of weeks at Rs 1119.  This is an important point to watch, keep a keen eye on it.  Any breakouts above this price are to be taken happily.

RELIANCE INDUSTRIES Weekly NSE Stock Chart Technical Analysis

ICICI Weekly: 25 to 29 Oct 2010: Hanging Man Candlestick

The week for ICICI Bank stock on NSE ended with highest volume since May 2010. 

The candlestick for the week has formed a hanging man formation.  The hanging man is not a pretty sight on the chart and it shows that the bears are trying to gain control, though unsuccessfully at the moment.  The candlestick is positive, which also shows that the bulls are against any drop in the price.  

The 20 week moving average is diverging from the 50 week moving average.

The week has ended positively as ICICI Bank posted good quarterly results.  

There is no clear signal right now.  The stock can be traded within the week based on daily or intraday indicators as the price will remain volatile and provide many opportunities for short-term buy and sell.  

The market should open higher on Monday, there might be an opportunity to go long immediately, but wait for market open to confirm.