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.