7 July 2017

NIFTY PREDICTION & FREE NIFTY TIPS FOR 7 JULY 2017

Bulls are back on driver seat after good action in PSU and private sector banking shares as the weekly derivative contracts of the Bank Nifty expired on Thursday. The Sensex closed up 123 points at 31369. The Nifty future ended above 9650-mark at 9668 after clocking 9702 during the day’s trade. We expect a modestly positive opening today, and expect the market to show a cautious uptick in prices in the next few days. However, cautious mood will prevail under the given circumstance. We expect the Nifty future to test the 9750 mark if it crosses the 9735 level, but it would be a while before significant breakouts are achieved.  The Nifty future will face resistance at the 9725 and 9755 levels on Friday. Supports should come in at 9640 and 9610 levels.
Pattern analysis showed the market is likely to inch up, but on the upside, it may face resistance from the rising trend line that it had breached on the downside. This trend line is likely to act as resistance on the way up. Given the rising nature of this trend line, the likely pattern resistance levels too will keep shifting higher. A look at the overall structure makes two things very evident.  First, the market has attempted to form a good base around its 50-DMA, and secondly, if we visually examine the patterns of the lead indicators, they are showing upward inclinations as well. Overall, though on a cautious note and with each rise remaining vulnerable to some volatility, the market may continue to post modest upticks. 
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Resistance: 9725, 9745, 9765
Support: 9640, 9620, 9600

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