Weekly Technical Market Outlook by Jainam Share Consultants Ltd
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Nifty
* Nifty opened the week at made a open of 23319.15 high of 23490.40 lowtheweekat 23206.65 and week close at 23206.65 Thus, Nifty closed the week withagainof175.45 points on weekly basis.
* On the weekly chart, Nifty started the week on a flat note andremainedconsolidate for most part of the week end on a positive note. The overall tradingrange for index for coming week would be 23550.00 - 23000.00, either sidebreakout will lead the trend.
* On the daily chart,Nifty opened with an upward gap and witnessed consolidationfor most part of the session and close near the day's high. The chart patternsuggests that, If Nifty crosses and sustains above 23500 level it wouldwitnessbuying which would lead the index towards 23850 -24000 levels. However if indexbreaks below 23000 level it would witness selling which would taketheindextowards 22500 - 22200
Bank Nifty
* Banknifty opened the week at 49808.15 made a high of 50020.95 lowof 49530.45and closed the week at 50002.00 Thus, Banknifty close the week withagainof198.80 points on weekly basis.
* On the weekly chart, banknifty started the week on a flat note andremainedconsolidate for most part of the week end on a positive note. The overall tradingrange for Banknifty would be 51200 - 4800 either side breakout will leadthetrend.
* On the daily chart, Banknifty opened with an upward gap and remainedlacklusterwithin narrow trading range and manage to end the day on positivenote. Thechart pattern suggests that, If Banknifty crosses and sustains above 51200level itwould witness buying which would lead the index towards 51600 - 52000levels.However if index breaks below 49500 level it would witness selling whichwouldtake the index toward 48800 - 47900.
* Support : 48800 - 48200 - 47900
* Resistance : 50200 - 50700 - 51200
Sensex
* Sensex opened the week at 76935.41 made a high of 77145.46 lowof 76296.44and close the week at 76992.77 Thus, Sensex close the week with a gainof 299.41points on weekly basis.
* On the weekly chart, Sensex started the week on a positive note but witnessedconsolidate for most part of the week end on a positive note. The overall tradingrange for index for coming week would be 77500 - 75300 either side breakoutwill lead the trend.
* On the daily chart, Sensex opened with an upward gap and remainedconsolidatethroughout the day .The chart pattern suggests that, if index crosses andsustainsabove 77200 level it would witness buying which would lead the indextowards77800 - 78300 levels. However if index breaks below 76300 level it wouldwitnessselling which would take the index towards 75800 - 75200.
* Support : 76200 - 75600 - 75000
* Resistance : 77200 - 77800 - 78000
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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
