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.
- 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 (13th April) also. The major difference from last week is on daily chart both Sensex and Nifty made lower high.
- 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.
- On the downside immediate support comes in the range of 10400-10320- level. Daily Stochastics showing overbought.
- India Vix closed the week at 12.94
- 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.
- Global financial markets: Asian stock markets finished mixed. FIIS are net sellers this week on cash segment.
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