10 February 2017

NIFTY WEEKLY PREDICTION FOR 13 FEB TO 17 FEB 2017

WEEKLY RESISTANCE FOR NIFTY: 8819, 8848, 8875, 8900
PIVOT POINT: 8790
WEEKLY SUPPORT FOR NIFTY :  8764,8737,8700,8679
WEEKLY CHAT FOR NIFTY




















DAILY RESISTANCE FOR NIFTY: 8823, 8840, 8864,8890
PIVOT POINT: 8811
DAILY SUPPORT FOR NIFTY :  8780, 8767, 8743,8700
DAILY CHART FOR NIFTY
Sensex opened the week at 28426, made a high of 22469, low of 28168 and closed the week at 28325. Thus it closed the week with a gain of 457points. At the same time the Nifty opened the week at 8808, made a high of 8843, low of 8732and closed the week at 8809.Thus it closed the week with a gain of 137points.Indices settled the day flat even ahead of December factory output later today on hopes of reviving economy. The factory output grew by 5.7% in November even after the note ban announced by PM NarendraModi. Sentiment was also affected as Asian shares rallied to an 18-month peak on Friday, as investors cheered upbeat Chinese trade data.Nifty continued to hover around 8,800 levels.
Go long on dips at 8,805 with a stop-loss at 8,780
The Nifty is continuing to face resistance around 8,840.The contract made an intraday high of 8,839 and has come-off from there. Nifty  is below the psychological 8,840-Mark. Whether the nifty breaks above 8,840 or not will decide the move for the rest of the sessions. A strong break above 8,840 will see the up-move extending to 8,880 or 8,950 . Short-term traders with high risk appetite can go long on a break above 8,840. Stop-loss can be placed at 8,700 for the target of 8,880/8950.The inability to break above 8,840 can trigger a pull-back move to 8,650 or 8,640. It is currently stuck inside a narrow range between 8,800 and 8,820.But a strong break below 8,700, which looks less probable at the moment, may drag the nifty lower to 8,600.
Though the immediate outlook is unclear, the bias is bullish on the charts. Key support is in the 8,800-8,790 region which can limit the downside.Traders with high risk appetite can go long on dips near 8,805. Stop-loss can be placed at 8,780 for the target of 8,850.The outlook will turn negative only if the index breaks below 8,780. The next targets are 8,750.
TECHNICALLY SPEAKING.
The support for the Nifty is 8780-8750-8700-8655-8600-8855-8830 and the resistance to the up move is at 8840-8865-8900-8845-8875-8900-8950 levels.MACD and Price ROC are both positive and continue in buy mode. RSI (70) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 8610 close above it. the indices continue to remain above  the medium term average of 55dma Nifty – 8465 but above the long term average of 200dma Nifty –8340. 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. Technically, Indian Stock Market is still in positive zone and traders should go long at every dip in the market. Some profit booking can’t be ruled out but every downfall would be temporary and an opportunity for traders to go long in the market. Nifty is now headed towards 8900-9000 levels. Traders can hold long positions with stoploss of 8700 for Nifty and. Market would enter into negative zone, if it closes below 8700 levels. For now, Market has taken monthly reversal and 9000 levels would achieve in upcoming days for Nifty irrespective of any temporary downfall.

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