NIFTY WEEKLY REPORT FOR 24 JULY –28 JULY 2017

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 32111, made a high of 32124, low of 31716 and closed the week at 32022. Thus the Sensex closed the week with gain of22 points.At the same time the Nifty opened the week at 9926, made a high of 9942 low of 9832and closed the week at 9911. Thus the Nifty closed the week with gain of8points.Indices ended higher after Reliance Industries rallied nearly 4%. Earlier in the day, RIL chairman Mukesh Ambani, announced a 1:1 bonus issue at the company's 40th annual general meeting (AGM) in Mumbai.

Go long AT every decline with SL at 9,830

A key intraday support is at 9,850. The contract will come under pressure only if it breaks below this support. Such a break can take it lower to 9,830 and 9,790.But as long as the contract manages to sustain above 9,900, there is a strong likelihood of it seeing a fresh rally to 9,930 and 9,970.Short-term traders can go long at every dip with Stop-loss can be placed at 9,830 for the target of 9,930/9970.

nifty CLOSES above 9900.

Not only did the market move higher after taking support at the 200 EMA in intraday charts, but now the Nifty is knocking on the doors of 10000. Once again the Correction proved to be a shallow, time-wise as well as price-wise. The indices are near record levels and it will be just a matter of time before Nifty enters the five digit club. Till then use every decline to buy.

TECHNICALLYSPEAKING.

MACD despite being in positive zone continues with its buy signal. Price ROC continues to remain positive and in buy mode. RSI (77) still suggests Bullish momentum. As long as the NIFTY trades abovethe level of 9900, the outlook for the session will remain bullish. Traders with a short-term perspective can sellon rise with a stop-loss at 9,980 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 9,920. Next key resistances are at 9920, 9,943 and 9,980 levels.Key supports below 9,850 are at 9830and 9800.

This week, the indices tested the short term average of 22dma Nifty – 9766close 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 –9080. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.