Current Week Range Crucial for the Next Three Weeks .... !!!
Nifty Outlook for 08.02.2016 to 12.02.2016
NIFTY :: 7489(- 75)
Nifty after trading in a reasonable range gained during the last Two days to trim the losses for the week.
Nifty closed the Monthly open level of 7414 and if it is able to sustain above that level, it can be deemed to have bottomed out for the month too.
Nifty can be expected to come out of the tight range very soon in view of the important events such as Railway Budget and Finance Bill. Range of Next week is important for it to break.
20 DMA, 50DMA, 100DMA and 200 DMA are placed at about 7456, 7673, 7831 and 8061. respectively and would act as resistances as. Nifty is trading below most of the Moving Averages.
While Nifty continues to trade below the 200 DMA and 50 DMA too is below 200 DMA (Death Cross) suggesting that the Long term Bearish trend is in tact.
Technical Levels ::
Bullish above 7555 with resistance at 7625, 7700,7775
Bearish below 7410 with Supports at 7335, 7260, 7185.
Breakout level 7600 ; Breakdown level for the week is 7350 . . .
Advice for Traders ::
Weekly Open level is very important for the entire week. Long positions may be considered as long as it maintains above the Weekly open level.
Moon would be transiting from Sravana 2 nd Pada in Capricorn to Revathi 2 nd Pada in Pisces.
Sun transits in Dhanishta 1 st Pada in Capricorn to Dhanishta 2 nd Pada in Capricorn.
Mercury transits in Uttarashadha 1 st Pada in Sagittarius to UTtarashadha 3 rd Pada in Capricorn.
Venus transits in in P Shadha 4th Pada to Uttarashadha 2 nd Pada in Capricorn.
Mars transits in Visakha 2 nd Pada in Libra.
Saturn transits in Jyeshta 2 nd Pada in Scropio sign and in Capricorn Navamsa .
Jupiter , gets into Retrograde motion and transits in Leo in Uttara 1 st Pada in Sagittarius Navamsa .
Rahu and Ketu transit in Leo and Aquarius.
During the week, Moon transits in Aquarius and Pisces during 9th February to 12 th February and this is a sensitive period for market movement. Hence, Nifty’s range during this period holds as a refence for the next Three Weeks. Further, Budget is also going to come during this period . Hence, above the high of this range, market can be expected to be Bullish and below the Low of this range, market can be expected to be Bearish.