On the first week of new financial year the Indian stock indices closed with negative note.
The benchmark of NSE 50 shares Nifty has formed the red candle on the weekly chart of first week of financial year and ended with the loss of 129 points or 2.28%.

On the other end Bombay stock exchange's Sensex dropped the 386 points and closed with the loss of 2.05% as comparing to the closing of last week.

Bears have tightened the gripes completely on the market. Along with FII's sell figure in both cash and future also make the pressure on to the market during the last week. Resulting the Nifty and Sensex closed below to their critical 200 day simple moving averages and 5600 and 18600 level.

Weekly Outlook

Last week the bears successfully breach the important 5600 mark on the nifty. Which is for the first time after 16 November 2012 on weekly chart. Now next support level for sensex and nifty placed at 18300 and 5525 level.
And for the bulls looking to initiate long trades should kept eye on the high of Friday's 18525 and 5577. Above these levels a sustainable move may push the markets higher to test the next resistance levels which is placed at 18700 - 18950 / 5640 - 5720.


Key Technical Statistics to Remember
  • FII shifted in to sell mode during the week they sold -630.13 cr in equity cash segment.
  • DII net inflow worth 60.57 cr in equity cash segment during the last week.
  • Mostly active nifty call options 5600 and 5700 strike.
  • Mostly active put options 5600 and 5500 of strike price.
  • Put call ratio dropped from 0.98 to 0.81 levels.
  • Nifty open interest increased by 49.99%.

Nifty Important Technical Level

Weekly Simple Pivot Level :-
Pivot Point : 5614
Support Level : 5474 - 5394 - 5272 
Resistance Level : 5694 - 5834 - 5914   ( Nifty-50 stock weekly point )

Fibonacci Pivot Level Weekly :-
Pivot Point : 5614
Support Level : 5530 - 5478 - 5394
Resistance Level : 5698 - 5750 - 5834

Weekly Camarilla Level Range :-
From L1 to L4 : 5533 - 5512 - 5492 - 5432
From H1 to H4 : 5573 - 5594 - 5613 - 5674

Nifty Daily Exponential Moving Averages :
5 Day : 5621
10 Day : 5662
20 Day : 5717
50 Day : 5812

Bank Nifty Weekly Pivot Level :
Pivot Point : 11237
Supports : 10883 -  10668 - 10392
Resistance : 11453 - 11806 - 12022

Free-Option-Trading-Call

  • Buy Tata Motors 260 Call last closing price 8.40 Tgt 11 - 15 - 18

You may also check daily updated pivot point level of Nifty-50 stock for getting daily support and resistance free. ( Pivot Level)