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Financial Market Roundup | BRICs, Frontier and MENA Regions, US Equity and Global Credit, India Technical Analysis

The Nifty ended 22.45 points, or 0.34%, lower at 6,504.20 last week. The index ended in a small body candlestick formation on the weekly charts, suggesting consolidation at current levels. Momentum indicators are positively poised, indicating the uptrend to be intact for the index. Positive slope of the short-term moving averages further corroborates the above observation. The Nifty may rise further towards 6,620 and 6,700 if it sustains above 6,565. On the other hand, the index could find support near 6,430 and 6,350.
The Nifty ended 249.70 points, or 3.98%, higher at 6,526.65 last week. The index closed at an all time high in a bullish candlestick formation, indicating optimism and further upside potential. Volumes have increased; this supports the positive bias. Positive slope of the ADX suggests the momentum to be strong on the upside. This is likely to be a pre-election rally. The Nifty may rise further towards 6,600 and 6,660 if it sustains above 6,540. On the other hand, the index could find support near 6,450 and 6,350.
The Nifty ended 121.50 points, or 1.97%, higher at 6,276.95 last week. The index continued to rise after breaching its 50-day SMA last Monday. However, the index has now approached a strong resistance region (previous highs seen in December 2013 and January 2014), where some selling could be witnessed. The RSI is also approaching its 70 mark, suggesting resistance ahead. The Nifty may find support near 6,150 and 6,050. On the other hand, the index could face resistance near 6,310 and 6,420.
The Nifty ended 107.10 points, or 1.77%, higher at 6,155.45 last week. The index bounced after finding support near the 6,050 level and ended above its 100-day SMA, suggesting buying at lower levels. However, strong “Gap” resistance is seen in the 6,190–6,260 region where selling could be witnessed. Bollinger bands are compressing, suggesting lack of volatility and momentum in either direction. Nifty might face resistance near the 6,190–6,260 region and 6,350. On the other hand, the index could find support near 6,050 and 5,950. 
The Nifty ended 14.85 points, or 0.24%, lower at 6,048.35 last week. The index ended the week in a small body candlestick formation, suggesting consolidation at current levels. Flat slope of the momentum indicators supports the above observation. Vote of account is scheduled on Monday and, hence, it is advised to be cautious as the market might experience some volatility. A breach below 5,960 could take it further towards 5,900 and 5,810. On the other hand, the index could face resistance near 6,110 and 6,230.
The Nifty ended 26.30 points, or 0.43%, lower at 6,063.20 last week. The index on the weekly charts ended in a candle with a long lower shadow, suggesting buying at lower levels. The index bounced after testing its 200-day SMA, indicating buying at lower levels. RSI is bouncing after testing the oversold region, suggesting optimism and further upside potential. The index could rise towards 6,140 and 6,220 if it trades above 6,080. On the downside, it could find support near 5,950 and 5,900 in the coming sessions.
The Nifty ended 177.25 points, or 2.83%, lower at 6,089.50 last week. The index gaped down on Monday (27-Jan-14) and continued drifting lower through the week, suggesting weakness. It made a Bearish engulfing candlestick formation on the monthly charts, indicating weakness and further downside potential. The MACD has crossed the signal line from above, supporting the bearish bias. The index could dip towards 5,980 and 5,920 if it trades below 6,025. On the upside, it could face resistance near 6,130 and 6,175 in the coming sessions
The Nifty ended 5.10 points, or 0.08%, higher at 6,266.75 last week. The index ended in a small body candlestick formation with a long upper shadow on the weekly charts, suggesting selling at higher levels. On Friday, it gapped lower and ended in a bearish candlestick formation, supporting the above observation. Negative slope of the RSI on the daily charts signifies further downside potential for the index. RBI meeting is scheduled on Tuesday and, hence, traders should be cautious. The index could dip toward 6,220 and 6,130 if it trades above 6,260. On the upside, it could face resistance near…
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