2 December 2016

NIFTY WEEKLY PREDICTION FOR 05 TO 09 DEC 2016



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WEEKLY RESISTANCE FOR NIFTY: 8242, 8339, 8381, 8478
PIVOT POINT: 8187
WEEKLY SUPPORT FOR NIFTY :  8142,8102,8048,7993
WEEKLY CHAT FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 8150, 8169, 8199,8228
PIVOT POINT: 8130
DAILY SUPPORT FOR NIFTY :  8100, 8071, 8050,8032
DAILY CHART FOR NIFTY

Sensex opened the week at 25926, made a high of 26717, low of 25904 and closed the week at 26230. Thus it closed the week with a loss of 86 points. At the same time the Nifty opened the week at 8088, made a high of 8272, low of 8078 and closed the week at 8110. Thus the Nifty closed the week with a loss of 16 points. The domestic equity indices plunged on Friday, with the Nifty and Sensex indices breaching crucial psychological levels of 8,100 and 26,500, respectively, amid brisk selling on the frontline blue chip counters.
RBI's monetary policy decision to dictate trend
Macroeconomic data, monetary policy decision by the Reserve Bank of India (RBI), trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead.
                                                On macro front, a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) is scheduled on Tuesday, 6 & Wednesday, 7 December 2016. It will be interesting to watch RBI's monetary policy stance this time in a scenario of government's recent historic move of demonetization of higher denomination notes and amid easing consumer inflation. RBI had cut policy rates by 25 basis points in its last meet in October.
8000 ACTS AS STRONG SUPPORT
The Correction continues and the Correction levels are placed at Nifty 8000-7897-7644. As far as the Nifty 8000 level is concerned  then, a Pull-back cannot be ruled out in the short term but the trend will remain Bearish.so holding below 8000 then 7,920, 7,880 levels might again start the next downward leg towards the 7,600 level in the coming sessions.
TECHNICALLY SPEAKING.
                                      Technically, A strong break below 8000 will increase the downside pressure and drag it to 7900/7800. Traders can go short on a break below  8000.On the other hand, a decisive break above 8200 will ease the downside pressure and take the index futures higher to 8300 and 8350 thereafter. MACD and Price ROC are both negative and continue in sell mode. RSI (40) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8242 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8430 but above the long term average of 200dma Nifty – 7600. Thus the trend in the short term and medium term timeframe remains bearish whereas the trend in the long term timeframe still continues to remain Bullish.

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