Week begin on a positive note on Monday. Subsequently, the Nifty gently advanced during the session and extended the previous week's bounce with the nifty surging beyond the 8800 mark. This was 8800 followed by yet another positive start on Wednesday; but the gains were short lived as we witnessed a complete nosedive during the half market. The Nifty continued to trade with a negative bias during the remaining part of the week. Visit http://www.zoidresearch.com/ for more detail
1. WEEKLY TECHNICAL REPORT
13 APR TO 17 APR 15
www.zoidresearch.com ZOID RESEARCH TEAM
CNX NIFTY 8606 (-195.75) (-2.23%)
Week begin on a positive note on
Monday. Subsequently, the Nifty
gently advanced during the session
and extended the previous week's
bounce with the nifty surging beyond
the 8800 mark. This was 8800
followed by yet another positive start
on Wednesday; but the gains were
short lived as we witnessed a
complete nosedive during the half
market. The Nifty continued to trade
with a negative bias during the
remaining part of the week.
Formations
The 20 days EMA are placed at
8541.53
The 5 days EMA are placed at
8433.49
Future Outlook
The Nifty would strong resistance
zone of 8850-8900; the weekly chart
now depicts a 'Bearish Engulfing'
pattern around the 61.8% Fibonacci
retracement level of the fall from
9119.20 to 8269.15. It is placed
around important retracement levels.
Nifty week’s low 8573 this level as a
crucial point. Nifty support is 8450-
8400 and resistance 8700-8760 level.
4. WEEKLY TECHNICAL REPORT
13 APR TO 17 APR 15
www.zoidresearch.com ZOID RESEARCH TEAM
Weekly Recommendations
DATE SYMBOL STRATEGY ENTRY TARGET STATUS
18 APR15 SUNPHRAMA SELL ON RISE 1060-1070 1010-980
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