24 March 2017

NIFTY PREDICTION FOR NEXT WEEK 27 TO 31 MARCH 2017


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WEEKLY RESISTANCE FOR NIFTY: 9139, 9170, 9202, 9233
PIVOT POINT: 9107
WEEKLY SUPPORT FOR NIFTY :  9076,9044,9013,8981
WEEKLY CHAT FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 9129, 9139, 9152,9166
PIVOT POINT: 9119
DAILY SUPPORT FOR NIFTY :  9105, 9090, 9072,9048
DAILY CHART FOR NIFTY

Sensex opened the week at 29528, made a high of 29547, low of 29146 and closed the week at 29394. Thus it closed the week with a loss of 254points. At the same time the Nifty opened the week at 9164, made a high of 9171, low of 9045and closed the week at 9111. Thus it closed the week with a loss of 101points. Indices on Friday settled higher thanks to gains in banking stocks following news reports that the Finance Minister ArunJaitley has promised to offer a solution to the growing non-performing assets (NPA) crisis in next few days.but Both the indices logged their first weekly loss in March, retreating from a record high hit last week. 
Nifty In Consolidation Range Of 9020-9123, Initiate Long Above 9125
Technically, Indian Stock Market is still negative. Further short covering can be seen but now, it is a tricky situation. Market is in consolidation range of 9020-9123 levels. Technically, Market would see reversal (enter positive trend), if it closes above 9123 levels for Nifty and 21049 levels for Bank Nifty. Then traders can close all short positions and initiate fresh long positions because in that case market would see new highs. But until then, market would be considered in negative trend and every positive rally would be a selling opportunity. Risk adverse traders should wait for nifty to close out of 9020-9123 range and then take the trade in same direction.
TECHNICALLY SPEAKING: Go long on a strong rally beyond 9,150 level with a stop-loss at 9,140
                                      Technically,Decisive break above 9130 will ease downside pressure and take nifty futures higher to 9150 and 9190 thereafter. Such a rally will be a positive cue for initiating fresh long positions with a stop-loss at 9,140 level.However, on the downsideNifty Taking support at 9,100,  if the contract slips below the immediate support level of 9,100, selling pressure may be seen and it can decline to 9,050 or 9000 level. Further plunge below 9,000 could strengthen the selling pressure and pull the contract down to 9,080 and 9,060 level.
MACD and Price ROC are both negative and continue in sell mode. RSI (65) suggests bearish momentum. This week, the indices tested the short term average of 22dma Nifty – 9010 but could not close above it. the indices continue to remain below the medium term average of 50dma Nifty – 8810 but above the long term average of 200dma Nifty – 8570. 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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