27 June 2017

NIFTY THIS PREDICTION FROM 27 JUNE TO 30 JUNE 2017

WEEKLY RESISTANCE FOR NIFTY: 9674, 9694, 9725, 9755
PIVOT POINT: 9654
WEEKLY SUPPORT FOR NIFTY :  9624,9593,9573,9553
WEEKLY CHAT FOR NIFTY



DAILY RESISTANCE FOR NIFTY: 9610, 9622, 9641,9665
PIVOT POINT: 9598
DAILY SUPPORT FOR NIFTY :  9579, 9560, 9548,9536
DAILY CHART FOR NIFTY





Sensex opened the week at 31115, made a high of 31218, low of 31047 and closed the week at 31061. Thus the Sensex closed the week with loss of200points.At the same time the Nifty opened the week at 9626, made a high of 9660 low of 9584 and closed the week at 9590. Thus the Nifty closed the week with loss of91points.The Nifty is trading on a mixed note and is hovering around the psychological 9,600 level since the opening today.Indices swung between gains and losses on Friday to end the day flat amid lack of global as well as domestic cues. Nifty settled the week 0.8% lower, its first weekly loss in six weeks.
BEARISH BIAS : sell on rise
The consolidation, which is on for the past three weeks, continues but the bias has turned negative. Interestingly, after supporting the market for the entire of last week, the short term moving average of 20dma was finally breached on Friday. As a result the short term trend has turned bearish. A break of Nifty 9560, will take the indices lower to test the medium term average of 50dma 9452.On the daily charts, Nifty have formed a black body candle. On the weekly charts, Nifty has formed INVERTED UMBRELLA candle ,The body should be colorless and have zero length. However, candlesticks with close-to-zero body lengths and white or black body colors are also acceptable. Only the upper shadow exists and it is long, Thus candlestick study indicates bearish bias in the near term.
TECHNICALLY SPEAKING.
MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (71) still suggests Bullish momentum. As long as the contract trades above this level, the outlook for the session will remain bullish. Traders with a short-term perspective can buy the contract in dips with a stop-loss at 9,500 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 9,635. Next key resistances are at 9,650 and 9,700 levels.Key supports below 9,500 are at 9,480and 9450.
This week, the indices tested the short term average of 22dma Nifty – 9600 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9455 but above the long term average of 200dma Nifty –8950. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.

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