NIFTY WEEKLY PREDICTION FOR 17 APRIL TO 21 APRIL 2017

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WEEKLY RESISTANCE FOR NIFTY: 9202, 9224, 9238, 9261

PIVOT POINT: 9193

WEEKLY SUPPORT FOR NIFTY :  9179,9157,9148,9126

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9225, 9244, 9275,9306

PIVOT POINT: 9207

DAILY SUPPORT FOR NIFTY :  9176, 9145, 9126,9106

DAILY CHART FOR NIFTY

Sensex opened the week at 29752, made a high of 29838, low of 29442 and closed the week at 29461. Thus it closed the week with a loss of 245 points. At the same time the Nifty opened the week at 9225, made a high of 9246, low of 9144 and closed the week at 9150. Thus the Nifty closed the week with a loss of 48 points.The four per cent drop in shares of Infosys on Thursday is likely to impact several equity funds

SHORT TERM TREND TURNS DOWN.

The indices have witnessed a breathtaking rally in the past three months. Market participants are awaiting a Correction so that they can enter. But the market was in no mood to oblige and has continued its upward journey without any meaningful Correction. On Thursday, for the first time in 2017, the short term trend has turned down and thus one can expect some downside. The fall will be restricted as strong support will be seen in the form of Bullish Weekly Gap between 9060-8977 for the Nifty.

GO SHORT ON A STRONG FALL BELOW 9,170 LEVELS

Traders with a short-term view can go short on a strong fall below 9,170 levels with a stop-loss at 9,210. The near-term targets are 9,150-9100.On the other hand, a strong rally beyond 9,225 can bring back bullish momentum and push the contract higher to 9,245 and 9,275 levels.

TECHNICALLY SPEAKING.

The support for the Nifty is 9170-9165-9148-9135-9100-9070and the resistance to the up move is at 9220-9236-9255-9285-9320-9340 levels. MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (54) still suggests Bullish momentum. Stochastic Oscillator %K (69) continues in Sell mode. Besides, Oscillators like MACD, RSI and OBV are showing negative divergence of the first order. On the daily charts, nifty have formed a real black body candle for second consecutive day. On the weekly charts, Nifty have formed a real black body candle after a neutral formation in last week. Thus both daily and weekly formations are suggesting a bearish bias in the near term.

This week, the indices tested the short term average of 22dma Nifty – 9158 close above it. the indices continue to remain above  the medium term average of 55dma Nifty – 8975 but above the long term average of 200dma Nifty –8588. Thus the trend in the short term has turned down whereas the trend in the medium term and the long term timeframe continues to remain bullish