Weekly Report

Weekly Report

MARKET OUTLOOK
Indian market started the week in a positive note, continuing the previous weeks positive momentum. Nifty opened at 4529 and moved
towards the week’s high of 4649, later closed at 4430; Sensex made a high of 15579, before closing at 14724.
SEBI’s decision to keep the P-Notes decision unchanged was the major even for the week. International Crude oil price declined further
towards $111.34. The Indian inflation data surged further towards 12.44%, compared to the previous weeks rate of 12.01%.
Technical Outlook :
After a positive start, the NSE Nifty and BSE Sensex failed to sustain at higher levels. The latter half of the week witnessed a fall from the
highs. Nifty’s failure to sustain above 4640 shall be looked upon as a cause of concern for bulls.

NSE Nifty (Last Closing: 4430.70)
Nifty opened the week at 4529 and rallied towards 4649.85, however, selling emerged from this level and the index closed at 4430.70; losing 99
points from the previous week’s close.
The technical indicators are indicating a downside from these levels. MACD is moving towards a bearish crossing. RSI has fell below the 50
points mark and the Stochastic Oscillators have indicated the reversal of the uptrend.
Elliot Wave analysis of the market is also supporting a selling from these levels.
The index is now moving in a downward trending channel.
At current levels 4320 is expected to act as the first support level for Nifty, followed by the downside support of 4070. On upside the index will
find severe resistance at 4500-4530 levels. An upside above this is not expected above this before a fall. However, 4640 will remain to be the
Strong resistance on upside.
Nifty is expected to continue the downside in the coming week also. Any recovery will find resistance at the levels mentioned above.
Technically, selling pressure can intensify in the coming weeks, and the indices are expected to revise the recent lows within the coming
months.