NIFTY WEEKLY REPORT FOR 31 JULY–04 AUG 2017

WEEKLY RESISTANCE FOR NIFTY: 10071, 10123, 10172,10221

PIVOT POINT: 10018

WEEKLY SUPPORT FOR NIFTY :  9969,9920,9868,9815

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10045, 10063, 10076,10088

PIVOT POINT: 10027

DAILY SUPPORT FOR NIFTY :  10002,9984,9966,9935
DAILY CHART FOR NIFTY

Sensex opened the week at 32170, made a high of 32668, low of 32170 and closed the week at 32273. Thus the Sensex closed the week with gain of 251 points.At the same time the Nifty opened the week at 9957, made a high of 10150 low of 9952 and closed the week at 10039. Thus the Nifty closed the week with gain of128 points. Nifty pared losses in last leg of trade to end the first day of August series above 10,000-mark, up 1% for the week.  Sensex, on the other hand, also ended marginally lower for the day but up 1% for the week.

Nifty holds above 10,000 , up 1% for week

Nifty has formedbearish candlestick pattern and we would see some profit booking in days to come. you can take a chance to go short Nifty with strict stop loss of 10120. But still Market is in bullish trend ,but correction can’t be ruled out at this point of time.A key intraday support is at 9,980. The contract will come under pressure only if it breaks below this support. Such a break can take it lower to 9, 950 and 9,900.But as long as the contract manages to sustain above 10000, there is a strong likelihood of it seeing a fresh rally to 10150 and 10220.Short-term traders can go long at every dip with Stop-loss can be placed at 9,980 for the target of 10150/10300.

TECHNICALLY SPEAKING.

MACD despite being in positive zone continues with its buy signal. Price ROC continues to remain positive and in buy mode. RSI (74.4) still suggests Bullish momentum. As long as the NIFTY trades above the level of 10000, the outlook for the session will remain bullish. Traders with a short-term perspective can sell on rise with a stop-loss at 10120 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 10050. Next key resistances are at 10080, 10110 and 10130 levels.Key supports below 10000 are at 9980 and 9930.

This week, the indices tested the short term average of 22dma Nifty – 9858close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9670 but above the long term average of 200dma Nifty –9125. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.