NIFTY WEEKLY REPORT FOR 25 SEP –29 SEP 2017

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WEEKLY RESISTANCE FOR NIFTY: 10163,10193,10221,10248

PIVOT POINT: 10132

WEEKLY SUPPORT FOR NIFTY :  10105,10077,10047,10016

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10037, 10059, 10100,10142

PIVOT POINT: 10016

DAILY SUPPORT FOR NIFTY :  9974,9933,9911,9880
DAILY CHART FOR NIFTY

Sensex opened the week at 32131, made a high of 32131, low of 31909 and closed the week at 31914. Thus the Sensex closed the week with loss of 358 points.At the same time the Nifty opened the week at 10142, made a high of 10188 low of 9973 and closed the week at 9975. Thus the Nifty closed the week with loss of 110 points. The benchmark indices fell over 1%, extending losses for the fourth straight session Stocks ended the week on a distinctly bearish note after the Sensex tanked 447 points—the biggest fall in over nine months—and the Nifty ended below the 10,000 level on Friday as renewed geopolitical worries about North Korea rattled investors. The rupee hit near six-month low against the dollar in day trade which dampened the sentiment further.

INITIATE FRESH SHORT POSITIONS UNTIL NIFTY HOLDS 10050

As the Correction continues, markets are witnessing Selling at every higher levels and this will continue till the market conquers the Resistance zone of Nifty 10100-10130.nextkey resistances are at 10150 and 10,200, 10220.On the other hand,A strong break below 9950 will increase the downside pressure and on the Closing bases below 9950 would initiate a big downfall. Such a break can drag the contract lower to 9,900 and 9,830.
Nifty would show some strength only if it closes above 10100 levels and until then market is prone to further profit booking.Technically, Bank Niftyhas entered into negative zone. And Now Nifty also enter into negative zone today, it was closed below the support 10086 levels.

TECHNICALLYSPEAKING.

MACD despite being in negative zone continues with itssell signal. Price ROC continues to remain negative and in sellmode. RSI (50) still suggests Bullish momentum. As long as the NIFTY trades abovethe levelof 9980.the outlook for the session will remain bullish. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 10050. Next key resistances are at 10120, 10180 and 10210 levels.Key supports below 9950 are at 9920,9880and 9850.

This week, the indices tested the short term average of 22dma Nifty – 10035close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9915 but above the long term average of 200dma Nifty –9400. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.