4 February 2017

NIFTY WEEKLY PREDICTION FOR 06 FEB TO 10 FEB 2017

WEEKLY RESISTANCE FOR NIFTY: 8758, 8825, 8869, 8908
PIVOT POINT: 8690
WEEKLY SUPPORT FOR NIFTY :  8649,8607,8540,8472
WEEKLY CHAT FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 8763, 8772, 8785,8800
PIVOT POINT: 8743
DAILY SUPPORT FOR NIFTY :  8730, 8715, 8705,8667
DAILY CHART FOR NIFTY
Sensex opened the week at 27866,made a high of 28299, low of 27590 and closed the week at 28240. Thus it closed the week with a gain of 358 points. At the same time the Nifty opened the week at 8635, made a high of 8757, low of 8537 and closed the week at 8740. Thus the Nifty closed the week with a gain of 99 points.Indices on Friday ended flat as investors preferred to stay on the sidelines ahead of the Reserve Bank of India's policy meeting next week.

Go Long At Every Dip In The Market, BankNifty To Drive Nifty Towards 9000

The market was awaiting the Union Budget with lots of hopes and fear. Post Demonetization, market was expecting some strong policy initiatives, but the Budget proved to be more Populist than Reformist. Market was in fear as it expected some tinkering in the Long Term Capital Gain Tax structure or even an increase in STT. But the Budget was devoid of both the devils and hence it was a relief to the market participants. ‘No bad news’ was perceived as good news, and the market rallied.
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. BankNifty is in positive momentum and would drive Nifty towards specified targets. Traders can hold long positions with stoploss of 8627 for Nifty spot levels and 19726 for BankNifty spot levels on closing basis. Market would enter into negative zone, if it closes below these levels. For now, Market has taken monthly reversal and 9000 levels would achieve in upcoming days for Nifty irrespective of any temporary downfall.
NIFTY HEADED TOWARDS 9000, EYEING RBI POLICY
Post Budget, both the indices rallied and overcame the Trend Reversal level of Nifty 8558. Nifty has completed a bullish pattern and is now headed towards 9000 mark. But in the short term the market may consolidate as the daily Momentum Oscillators are overbought. But any dips towards Nifty 8550 mark should be used as a buying opportunity.
Market ended flat after a range bound movement while holding the weekly gains. RBIs monetary policy next week is in the limelight with the expectation of a rate cut given the governments prudence to the fiscal deficit path.
TECHNICALLY SPEAKING.
MACD and Price ROC are both positive and continue in Buy mode. RSI (72) still suggests bullish momentum. Stochastic Oscillator %K (96) is above %D, indicating a Buy. But both RSI and Stochastic Oscillator are overbought. ADX is at 36 which suggest that the Uptrend is very strong. This week, the indices tested the short term average of 22dma Nifty – 8473 close above it. the indices continue to remain above  the medium term average of 55dma Nifty – 8268 but above the long term average of 200dma Nifty –8356. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards.The support for the Nifty is 8640-8627-8580-8550-8500-8430 and the resistance to the up move is at 8730-8775-8800-8830-8890-8950-9000 levels.

4 comments:

  1. hi..good read blog ...any calls n banknifty for credit policy

    ReplyDelete
  2. Mr. Chirag Thank You for reading my blog .As per the market movement daily we are providing nifty & banknifty levels for Futures as well in option also. So if want to trade in nifty or banknifty plz fill up the form given to the right side or u may call on 08982086510

    ReplyDelete
  3. Excellent and to the point written post. I totally agree with you COMMODITY TRADING TIPS

    ReplyDelete
  4. For free cash tips just visit.
    EQUITY CASH CALLS

    ReplyDelete