14 July 2017

NIFTY WEEKLY PREDICTION FOR 17 JULY–21 JULY 2017

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WEEKLY RESISTANCE FOR NIFTY: 9889, 9956, 9991, 10026
PIVOT POINT: 9822
WEEKLY SUPPORT FOR NIFTY :  9787,9752,9685,9618
WEEKLY CHAT FOR NIFTY























DAILY RESISTANCE FOR NIFTY: 9905, 9920, 9938,9962
PIVOT POINT: 9889
DAILY SUPPORT FOR NIFTY :  9880,9871,9856,9840
DAILY CHART FOR NIFTY
Sensex opened the week at 31538, made a high of 32032, low of 30535 and closed the week at 32000. Thus the Sensex closed the week with gain of 640 points.At the same time the Nifty opened the week at 9700, made a high of 9907 low of 9688 and closed the week at 9903. Thus the Nifty closed the week with gain of 235 points.Nifty closed at 9903 level ,while Sensex closed at 32020 level .The Nifty ended slightly lower on Friday after breaching the 9,900 level for the first time as investors booked profits after four straight sessions of gains, while Tata Consultancy Services Ltd fell on disappointing earnings.
Nifty up 2% for the week
The Nifty is trading volatile. It opened with a 20 point gap-up at 9,907 and fell immediately to make a low of 9,858. The nifty however has managed to reverse higher once again from this low ends above 9,900.The immediate outlook is unclear. A rangebound move between 9,850 and 9,900 is possible for some time. A breakout on either side of 9,850 or 9,920 will then determine the next trend for the contract. Traders can stay out of the market until a clear trend emerges.
If nifty decline below 9,850, it can fall to 9,830 and 9,800. On the other hand, if the contract sustain above 9,850 and surpass the psychological barrier of 9,900, a fresh rally to 9,920 and 9,940 can be seen thereafter.
ON THE DAILY CAHRT have formed UMBRELLA
The Umbrella has the potential to signal a bullish reversal at the bottom if it appears after a long downtrend, long black candlestick or if it is seen at a support level. Likewise, umbrella may signal a bearish reversal at the top if it appears after a long uptrend, a long white candlestick or if it is seen at a resistance level. Bearish or bullish confirmation is required in both situations.
ON THE WEEKLY CHART formed a real WHITE CANDLESTICK
This candlestick Alone is not reliable enough to decide about bullishness, since it reflects only one day’s trading that was under buyers’ control. It may show the continuation of a trend as well as the reversal. Other neighboring candlesticks must be taken into consideration for a decision regarding market direction.
TECHNICALLY SPEAKING.
MACD despite being in positive zone continues with its buy signal. Price ROC continues to remain positive and in buy mode. RSI (75) still suggests Bullish momentum. As long as the NIFTY trades above the level of 9920, the outlook for the session will remain bullish. Traders with a short-term perspective can sell on rise with a stop-loss at 9,950 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 9,920. Next key resistances are at 9,935 and 9,956 levels.Key supports below 9,880 are at 9850 and 9830.
This week, the indices tested the short term average of 22dma Nifty – 9687 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9548 but above the long term average of 200dma Nifty –9029. 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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