21 April 2017

NIFTY WEEKLY PREDICTION FOR 24 APRIL TO 28 APRIL 2017

OPTION TRADING TIPS: RELIANCE STRANGLE STRATEGY PROFIT BOOKED

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WEEKLY RESISTANCE FOR NIFTY: 9204, 9240, 9279, 9318
PIVOT POINT: 9168
WEEKLY SUPPORT FOR NIFTY :  9129,9090,9054,9018
WEEKLY CHAT FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 9168, 9194, 9226,9259
PIVOT POINT: 9142
DAILY SUPPORT FOR NIFTY :  9077, 9051, 9025,8966
DAILY CHART FOR NIFTY
Sensex opened the week at 29436, made a high of 29676, low of 29277 and closed the week at 29360. Thus it closed the week with a loss of 101 points. At the same time the Nifty opened the week at 9172, made a high of 9246, low of 9096 and closed the week at 9130. Thus the Nifty closed the week with a loss of52 points.Extending losses for second consecutive week, indices settled marginally lower in a volatile session as investors stayed cautious in the earnings season.
buy intraday nifty on every dips; Market in Negative Zone But Some Bounce Back Can Be Seen In Nifty
Traders with a short-term view can go short on a strong fall below 9,100 levels with a stop-loss at 9,170. The near-term targets are 9,000-8950.On the other hand, a strong rally beyond 9,180 can bring back bullish momentum and push the contract higher to 9,250 and 9,275 levels.Technically, Indian Stock Market is still in negative zone as of now. Market would see short term reversal once it closes above 9164 levels for Nifty. Nifty has formed a MORNING STAR candlestick pattern that suggests that bottom has been made and it may see sharp positive rally in days to come. Nifty would see some further short covering rally but this positive rally should be utilized in intraday trading only. Traders can go long in Nifty with strict stop loss of 8985 levels on closing basis. Traders can take long positions only if Nifty closes above 9164 levels as Nifty would enter into short term positive trend by then. Banking Giant HDFC Bank was disclosing its Q4 results today. Overall, market is still bullish and traders can go long at support levels and short at our predicted resistance levels.
TECHNICALLY SPEAKING.
The support for the Nifty is 9085-9060-9030-9000-8970-8950and the resistance to the up move is at 9160-9190-9230-9255-9270-9300 levels.MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (50) still suggests Bullish momentum. On the daily charts, nifty have formed a HAMMER candle for on Friday. On the weekly charts, Nifty has formed a doji 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 – 9147 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 8990 but above the long term average of 200dma Nifty –8610. 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.

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