Published on 20/03/2017 4:04:15 PM | Source: GEPLCapital Ltd
The NIFTY now trades above all the three averages - GEPL
NSE Nifty Spot 9160.05 Weekly UP BY 2.52%
1. As on 17.3.2017, the long term moving averages stand as below: 50 DMA @ 8702, 100 DMA @ 8464, 200 DMA @ 8502. The NIFTY now trades above all the three averages, and the 100 DMA is now very close to a positive crossover above the 200 DMA.
2. The Nifty has given a breakout and closed at a All Time High level both on daily as well as weekly timeframes, ended with a good gains of 225.5 points or 2.52% on weekly as well as 6.35 points or 0.07% on daily to close at 9160.05.
3. The momentum indicator like RSI is showing an overbought situation on both daily @ 77 as well as on weekly @ 87 level.
4. The INDIA VIX, could not sustained and moved down levels from the earlier week, as it closed @ 11.85 vs 13.96, a week earlier.
Nifty Daily Chart
Inference & Expectations:
* On the daily chart, the index witnessed a Gap Up opening and managed to sustain at higher levels and also above the immediate resistance of 9000 which we have mentioned in earlier report. Whereas on the higher time frame, the weekly charts, Index has confirmed the crucial two years consolidation breakout by closing above 9000 levels with real white body candle.
* The said breakout is witnessed with a Bullish Gap which adds relevance. Index on extrapolated scale show levels in between 9300-9500 on the higher side. While on the flip side the current consolidation zone marks the SUPPORT zone.
* In a way SELLING pressure would intensify only if the prices are brought DOWN back to the consolidation range.
* Levels to watch on the upside 9225/9265/9300 (Extrapolated).
* Levels to watch on the downside 9110/9040/8970.
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