8 July 2017

NIFTY WEEKLY PREDICTION FOR 10 JULY–14 JULY 2017

FOR NIFTY LEVEL & NIFTY FUTURE STOCK FUTURE & OPTION CALLS WHATAPP ME ON 09039542248
WEEKLY RESISTANCE FOR NIFTY: 9685, 9734, 9776, 9800
PIVOT POINT: 9636
WEEKLY SUPPORT FOR NIFTY :  9603,9570,9521,9472
WEEKLY CHAT FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 9676, 9685, 9694,9702
PIVOT POINT: 9664
DAILY SUPPORT FOR NIFTY :  9656,9647, 9637,9626
DAILY CHART FOR NIFTY

Sensex opened the week at 31078, made a high of 31440, low of 31078 and closed the week at 31360. Thus the Sensex closed the week with loss of 141 points.At the same time the Nifty opened the week at 9547, made a high of 9702 low of 9538 and closed the week at 9668. Thus the Nifty closed the week with loss of 75 points.
Strategy: GO LONG until nifty holds 9580  
The current Rally (more than 1800 Nifty points) .the current Rally too has seen Corrections. But interestingly, all Corrections have been short lived in terms of price as well as time. Just when it looked as the current Correction would be more meaningful and slightly deeper, it once again proved to be short and swift. The indices took support at the 50dma and bounced back and are now within small distance of lifetime highs again.a strong fall below the immediate support level of 9,450 can reinforce the downtrend and pull the contract down to 9,430,9430 levels. Next key supports are placed at 9,410 and 9,380 levels. On the daily charts, both Sensex and Nifty have formed a Doji which indicates indecision. On the weekly charts, both the indices opened with a upward gap and formed a real white body candle. Thus more than daily, weekly candlestick pattern indicates a bullish bias in the near term.
TECHNICALLY SPEAKING.
Technically, MACD and Price ROC, both are positive and in Buy mode. RSI (60) suggests momentum has turned bullish. . As long as the contract trades below the level of 9580, the outlook for the session will remain bearish. Traders with a short-term perspective can buy the contract in dips with a stop-loss at 9,530 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 9,680. Next key resistances are at 9,680 and 9,720 levels.Key supports below 9,580 are at 9,550 and 9530.
This week, the indices tested the short term average of 22dma Nifty – 9530close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9600 but above the long term average of 200dma Nifty –8860. Thus the Trend in the short term timeframe has once again turned bullish, whereas the Trend in the medium term and the long term timeframe continues to be Bullish.

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