This week index gained a little bit with lower volume compared to last week.Index just bounce back from the support level. It also in resistance level in weekly chart. Situation is very much interesting. In daily chart ,we saw index bounce back from the support level. Upside level is 4640. If index cross this level and sustain we may see a strong movement. If not then it may touch 4450 to 4500 level .Its better to wait for the confirmation of the index. Lets see what happens.
This week index lost 1.8 % with lower volume compared to last week. As told on earlier market synopsis, index had the next support level is 4600 to 4550. Index failed to hold the 4600 level. Now it’s heading towards the 4550 level in daily time frame. If it fails to hold this level, we may expect index to 4400 level. But 4530 to 4550 is strong level of support for the index in daily timeframe.
In medium term outlook, index is slowly creating its base for longer movement.4450 to 4500 level seems very strong zone for index as support in medium term outlook. Next level of resistance is 4750.
In longer term outlook, index seems shaky and faces resistance on its short term resistance. Month not yet closed, for this reason we can’t conclude a decision. It’s good to see that it’s still above its long term trend line. Support zone is 4450 to 4500. Let’s see index able to hold this level or not.
This week index lost 0.8 % with lower volume compared to last week. As told on earlier market synopsis, index is near to the resistance. Now we are observing little correction of the index which was expected. In shorter outlook index has the next support level is 4600 to 4550. If it fails to hold this level, we may expect index to 4550 level. In medium term outlook index is slowly creating its base for longer movement.4400 to 4500 level seems very strong zone for index as support. Next level of resistance is 5300.In longer term outlook, index seems good and bounces from its historical support level and it may reach up to 5700 to 5900.Support zone is 4350 to 4400. Let’s see index able to hold this level or not.
This week index lost (1.4) % with significant lower volume compared to last week. Index is near to the Fibonacci level (23.6) which can be a good support level in daily chart. Next level of support is 4400. Index strong support zone is 4500 to 4400.If this zone breaks down, then we may see severe correction in the index. As per weekly chart 4440 to 4400 is the strongest support zone. Resistance zone 4650 to 4750. Markets still sliding. It’s better to watch the market and wait for the right time. Let us hope for the best.
This week index lost (1.2) % with lower volume compared to last week. It is very interesting to see that index starts correcting after reaching the resistance level which is Fibonacci 0.0% from the daily chart. Next level of support is 4400 if index fails to cross the 4670 levels. As per the weekly chart, it is just the regular correction after the three weeks rally. Short term strong support zone is 4570 to 4530.Overall market condition is normal. We can observe the market and if index correct further we can take this opportunity as buying opportunity. Lets hope for the best. Happy Investing!!
This week index gain 0.4 % with higher volume compared to last week. Situation is improving though it has the resistance like earlier week. Good thing is index broke the triple top in daily and staying above this. It will act as good support zone. Except this in daily index form “W” formation which is a good chart pattern. Weekly chart still not satisfactory as the resistances are there. Index has a very good chance to break this resistance levels. Monthly seems promising as it breaks the previous months high as well as volume is in motion. We need just some more confirmation then we may see a long bullish market.
Strong resistance level is 4750 to 4850 and support level is 4550 to 4650. Let’s see for the longer term confirmation and long bullish market.
Daily Chart forming W Pattern
This week index gain 1 % with higher volume compared to last week. Situation remains same as like the previous week. Two resistances are ahead 4715 and 4735. If index breaks this zone we may see good movement. In daily time frame, Index reached at the Triple Top. It is good indication. Because if a level is frequently touched or tested again and again then there is a chance of breaking that level. Now need confirmation, whether it can breaks this or not. Monthly candle not yet closed .So we can’t comment on this.
Strong resistance level is 4700 to 4737 and support level is 4510. Let’s wait and see for the longer term confirmation and long bullish market.
This week index gain (0.5) % with lower volume compared to last week. Index is in critical situation. Two resistances are ahead 4715 and 4735. If index breaks this zone we may see good movement. In daily time frame, Index breakouts above the triangle formation. Now need to settle above this level and confirmation. In monthly time frame, it also has strong resistance. It is better to wait for the confirmation. Resistance levels 4750 to 4800 and support levels 4450 to 4500. Wishing All of you Happy New Year.
This week index gain (1.9) % with significantly higher volume compared to last week. If index able to breaks the 4700 zone we can get out from the long bearish trend which is dominating since October 2015. If not we may again see the 4400/4300 zone. The maximum upside zone for the short term is 4900. In monthly index seems in little better shape compare to weekly. But daily still seems in range or sideways market. There is no clear trend in the market. Let’s hope for the best.
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