NIFTY WEEKLY PREDICTION FOR 09 TO 13 JAN 2017

IFCI 30 CALL GIVEN IN LAST POST MADE A HIGH OF 0.65 CONTINUE TO HOLD 

FOR 2 DAYS FREE TRIAL OF NIFTY FUTURE,STOCK FUTURE,OPTION CALL PUT FILL UP THE FORM GIVEN HERE>>>>>>

WEEKLY RESISTANCE FOR NIFTY: 8293, 8340, 8366, 8392

PIVOT POINT: 8245

WEEKLY SUPPORT FOR NIFTY :  8219,8193,8146,8098

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 8299, 8313, 8335,8357

PIVOT POINT: 8284

DAILY SUPPORT FOR NIFTY :  8262, 8240, 8226,8211

DAILY CHART FOR NIFTY

Sensex opened the week at 26522, made a high of 26971, low of 26469 and closed the week at 26759. Thus it closed the week with a gain of 157 points. At the same time the Nifty opened the week at 8215, made a high of 8329, low of 8151 and closed the week at 8268. Thus it closed the week with a gain of 81 points. The nifty ended down 30 points or 0.36 per cent at 8,243.8, after hitting its highest since November 11 earlier in the day. And ended 0.71 per cent higher for the week, its second such gain. The Indian shares fluctuated between gains and losses before ending the session lower on last hour of accelerated selling. The market gained to a near two-month high, ahead of the announcement of GDP data.

Initiate Short Only If Nifty Closes Below 8250, Until Then Hold Long Positions

Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market would enter into negative zone once Nifty closes below 8250 levels for Nifty Traders can initiate fresh short position once market closes below these levels. Market has consolidated for long time and now there are strong possibility of a breakout or breakdown in upcoming days. Once Nifty closes below 8250 levels then market would see a sharp breakdown. So traders can hold long positions only till Nifty hold these levels by closing. Nifty would see strong support at 8250-8226-8180-8150 whereas strong resistance would be seen at 8330-8365-8405-8445 levels.

TECHNICALLY SPEAKING.

On the daily charts, Nifty have formed a SHORT BLACK CANDLESTICK This candlestick alone is not reliable enough to decide about bearishness since it reflects only one day’s trading. It may show the continuation of a trend as well as a reversal. Other neighboring candlesticks must be taken into consideration for a healthy decision regarding the market direction. Thus daily candlestick study indicates a major bullish bias in the near term. MACD and Price ROC are both positive and continue in buy mode. RSI (60) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8320 but could not close above it. the indices continue to remain below the medium term average of 55dma Nifty – 8250 but above the long term average of 200dma Nifty – 7600. Thus the trend in the short term and medium term timeframe remains bullish whereas the trend in the long term timeframe still continues to remain bullish.