Nifty Weekly Analysis for the week ending 27 April 2018

Sensex opened the week at 34494, made a high of 35065, low of 34259 and closed the week at 34970. Thus it closed the week with a gain of 554 points (1.61%).  At the same time the Nifty opened the week at 10592, made a high of 10720, low of 10515 and closed the week at 10692. Thus the Nifty closed the week with a gain of 128 points (1.21%).

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

1. On the daily charts, both the indices had made a gap-up opening followed by a formation of Opening White body Marubuzo.   Both the gap up and White body Marubuzo affirms bullishness.
2. On the weekly timeframe, both Sensex and Nifty have formed a real white body candle.  
3. Both the indices gained for the fifth week in a row which is longest winning streak in a year.
4. Nifty made a correction of 1220 points in 37 days.  Now the Pull Back gained 768 points in 23 days.  In timewise so far Nifty retraced fast compared to the down fall which shows dominance to bulls. 
5. Nifty managed to close above previous swing highs of 10478 and 10631.  
6. The trend in short term, medium term as well as in the long term timeframe continues to remain Bullish.
7. The Pull-Back rally is now testing the 61.8% 66%  levels which is a major resistance point.
8. Both the indices have a Weekly Bearish Gap between Sensex 34874-35006 and Nifty 10702-10736. This Gap is aided by 61.8% -66%  Retracement of the current fall (Sensex – 34931 and Nifty 10706), which is a Reversal level.
9. Volatility was less during the week.  India Vix closed the week at 12.02
10. Options data for May series indicate highest Call Open Interest is at the strike of 11000 whereas the highest Put build-up is now at the strike of 10500. Thus Options data suggests a trading range with resistance at 11000 & support at 10500.
11. Weekly Stochastic near the overbought territory
12. Global financial markets: Asian stock markets finished positive. 
13. FIIS are net sellers this week on cash segment.  
14. The coming week will be a truncated one, with Tuesday being a trading holiday. 

Nifty Weekly Analysis for the week ending 20 April 2018

Sensex opened the week at 33945, made a high of 34592, low of 33899 and closed the week at 34416. Thus it closed the week with a gain of 223 points (0.65%). At the same time the Nifty opened the week at 10398, made a high of 10594, low of 10396 and closed the week at 10564. Thus the Nifty closed the week with a gain of 83 points (0.8%).

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

1. On the daily charts, Sensex has formed a black body Spinning Top whereas Nifty has formed a white body Spinning Top.  Similar pattern was formed in the last week’s (13^th April) also.  The major difference from last week is on daily  chart both Sensex and Nifty made lower high.
2. On the weekly timeframe, both the indices formed a big Opening White body Marubuzo which is a bullish follow-up after Three white Soldiers completed last week.Last week we have discussed “For Nifty 10562 is the 50% retracement level and 10756 is 66% retracement level.  This zone is very important as not only because of important resistance level, but this range is in weekly gap down area.”.  Now Nifty at crucial resistance level of 50% retracement.    
3. On the downside immediate support comes in the range of 10400-10320- level. Daily Stochastics showing overbought. 
4. India Vix closed the week at 12.94
5. Options data for April series indicate highest Call Open Interest is now at the strike of 10700 whereas the highest Put build-up is now at the strike of 10500. Thus Options data suggests a narrow trading range with resistance at 10700 & support at 10500.
6. Global financial markets: Asian stock markets finished mixed.  FIIS are net sellers this week on cash segment.  

Nifty Weekly Analysis for the week ending 13 April 2018

Sensex opened the week at 33653, made a high of 34313, low of 33579 and closed the week at 34193. Thus it closed the week with a gain of 566 points (1.68%). At the same time the Nifty opened the week at 10334, made a high of 10520, low of 10328 and closed the week at 10481. Thus the Nifty closed the week with a gain of 149 points (1.44%).

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

1. On the daily charts, Sensex has formed a small white body Spinning Top and Nifty has formed a small black body Spinning Top. 
2. Both Nifty / Sensex made seven days consecutive higher high candle in a row. This is its longest winning streak in 2018.
3. On the weekly chart, both the indices formed a real white body candle. Both Nifty and Sensex made 3 week consecutive bull candle which is called Three White Soldiers. Three white Soldiers is a strong Bullish Reversal pattern.
4. Nifty / Sensex  has also crossed the falling channel resistance which means bulls have gained control.
5. Nifty / Sensex closed above all key moving average levels
6. Last week we have discussed “Immediate resistance for Nifty is 10372-10400 level and crucial upward resistance is 10479-10500 level“.   Nifty crossed above 10500 level but not able to close above that level.   So 10500 level still act as a crucial resistance level.  .   
7. For Nifty 10562 is the 50% retracement level and 10756 is 66% retracement level.  This zone is very important as not only because of important resistance level, but this range is in weekly gap down area. 
8. On the downside immediate support comes in the range of 10200-10300- level.
9. Daily Stochastics showing overbought and on weekly it is bullish. 
10. India Vix closed the week at 14.15.
11. Options data for April series indicate highest Call Open Interest is now at the strike of 10500 whereas the highest Put build-up is now at the strike of 10300. Thus Options data suggests a narrow trading range with resistance at 10500 & support at 10300.
12. Global financial markets: Asian stock markets finished mixed.  Meanwhile, US market ended on a negative note 
13. FIIS are net sellers this week on cash segment.  

Nifty Weekly Analysis for the week ending 06 April 2018

Sensex opened the week at 33031, made a high of 33698, low of 32973 and closed the week at 33627. Thus it closed the week with a gain of 658 points. At the same time the Nifty opened the week at 10152, made a high of 10350, low of 10111 and closed the week at 10332 (2%). Thus the Nifty closed the week with a gain of 218 points (2.15%). Both the Sensex & Nifty ended with strong gains for the second consecutive week by rallying 2%

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

1. On the daily charts, both the indices formed a Bearish Engulfing pattern on Wednesday. The next day saw a gap-up opening and formation of Opening White body Marubuzo which closed above the top of Bearish Engulfing pattern, thereby negating the Bearish Engulfing pattern itself. On Friday, both Sensex and Nifty have formed a small white body Spinning Top.
2. Last week we have discussed “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... For the coming week, last week low and high will act as an immediate support and resistance.“  Nifty broke last week high and have formed a big White body candle with a gain of 2.15%.  This is the 2^nd consecutive bull weekly candle.
3. This is the first time Nifty / Sensex is making two consecutive weekly bull candle since 29^th January 2018. 
4. Both Sensex and Nifty still not violated 27 month long upward trending line.   Tweezer bottom happened near to trendline support.  Also Both Sensex and Nifty closed above 2 months long down trending channel.
5. Immediate resistance for Nifty is 10372-10400 level and crucial upward resistance is 10479-10500 level.  
6. On the downside immediate support comes in the range of 10100-10111 and the crucial downward support of 9950-9952 level. 
7. India Vix closed the week at 14.75.
8. Options data for April series indicate highest Call Open Interest is now at the strike of 11000,10500,  10700 & 10300 whereas the highest Put build-up still remains at the strike of 10000. Thus Options data suggests immediate resistance of 10500 and support at 10000
9. Global financial markets: Asian stock markets finished mixed.  Meanwhile, European markets, were trading on a negative note. 
10. FIIS are net sellers this week on cash segment.