Nifty Weekly Analysis for the week ending 28 March 2018

Sensex opened the week at 32536, made a high of 33371, low of 32515 and closed the week at 32969. Thus it closed the week with a gain of 372 points (1.14%). At the same time the Nifty opened the week at 9989, made a high of 10208, low of 9959 and closed the week at 10114. Thus the Nifty closed the week with a gain of 116 points (1.16%).  This was their first gain in five weeks

Let us discuss few observations on last week/month Indian benchmark movements. 

1. On the daily charts, First day of the week both indices have formed a big white body candle.   On the next day, Indices made a gap up opening and made a doji candle.  On Wednesday both the indices have formed a small black body candle after a gap down opening.  Fall has happened near 9 weeks long down trending resistance channel.
2. On the weekly charts, both Sensex and Nifty formed a white body candle forms a Tweezer Bottom candle.   Tweezer bottom formed near an important level near 27 month long upward trendline support. 
3. On point no.3 of last week report I have mentioned “Nifty / Sensex made four consecutive straight weekly negative candle.  Since 2016 Nifty made maximum 4 consecutive weekly negative candles.”.   History repeated, after 4 consecutive weekly negative candle, Index made a bull candle.
4. On the monthly charts, both the indices have formed a Bearish candle in continuation of Bearish Engulfing pattern last month.  
5. On monthly chart, Nifty managed to close above 27 month long upward trending line and closed above psychological level of 10000.
6. On quarterly chart, both indices made a black candle.  In 27 month long uptrend, this is the second time Indices made quarterly bearish candle.
7. For the coming week, last week low and high will act as an immediate support and resistance.  
8. India Vix closed the week at 15.76.
9. Options data for April series indicate highest Call Open Interest is now at the strike of 10500 whereas the highest Put build-up still remains at the strike of 10000. Thus Options data suggests a trading range with resistance at 10500 & support at 10000
10. Global financial markets: Global Market closed the week on a positive note. 
11. FIIS are net sellers this week on cash segment.