5 year nifty weekly chart ended at bullish note, maximum indicators are supporting bulls …last week our view was ” indicators are supporting bulls and bears both… below 5800 bears will dominate currently trading in bull zone ” and nifty remained above 5800 traded between 5825 – 6096 see here http://dhanvarsha.in/nifty-macro-micro-analysis-week-ending-11-oct-13/ ..as per weekly chart nifty will remain in bulls grip till it will sustain above 5922 …
daily candle ended as long legged hanging man at overbought zone and pivot level if reversal done 5912 ,5850 will act as support 6200 is immediate resistance .Action pack week . Index heavyweights such as Reliance Industries, HDFC Bank, Bajaj Auto and Larsen & Toubro are scheduled to announce their quarterly earnings this week. The performance scorecard of these companies could play a key role in influencing the near term market direction, read in detail at http://dhanvarshagrp.blogspot.in/2013/10/whistle.html .
Negative to gap down opening is expected today with increased volatility .trade in nifty futures as per bullish / bearish intraday waves with proper stop loss order punched in system . levels will be
Buy at / above: 6123 Targets: 6143 – 6159.16 – 6178 – 6198-6223
Stoploss : 6o98
Sell at / below: 6098 Targets: 6083 – 6064 – 6048 – 6028
Stoploss : 6123
IIP data was weak and below expectations …there fore market sentiment may be weak today and if no positive trigger then we may see nifty to trade below 5950 today .
Nifty macro and micro view for week ending 18 Oct 13
