7 October 2017

NIFTY WEEKLY PREDICTION FOR 09 OCT TO 13 OCT 2017

PIVOT POINT: 9903
WEEKLY SUPPORT FOR NIFTY :  9842,9809,9776,9713
WEEKLY CHART FOR NIFTY






















DAILY RESISTANCE FOR NIFTY: 10015, 10044,10059,10078
PIVOT POINT: 9986
DAILY SUPPORT FOR NIFTY :  9971,9956,9927,9998
DAILY CHART FOR NIFTY
Sensex opened the week at 31432, made a high of 31836, low of 31272and closed the week at 31814. Thus the Sensex closed the week with gain of542points.At the same time the Nifty opened the week at 9895, made a high of 10017 low of 9838 and closed the week at 10003. Thus the Nifty closed the week with gain of208 points.The benchmark indices ended higher on Friday with the Nifty settling above its crucial 9,950 mark, buoyed by a jump in Tata Steel on strong quarterly production numbers, while investors stayed cautious as Goods and Services Tax (GST) Council meeting went underway.
NIFTY READY TO BREAK PREVIOUS LIFE TIME HIGH OF 10188
This week, Nifty came very close to overcoming the previous life high of 10188. Last three days of the week saw nifty try to reaching near previous life-highs but was unsuccessful in clearing that level. The coming week may see the Nifty overcoming the previous highs.As long as the NIFTY trades above the level of 10100. The outlook for NIFTY will remain bullish. Nifty can continue it’s up move on a strong rally beyond its immediate resistance level of 10149. Next key resistances are at 10145, 10165, 10180 and 10230 levels. Key supports below 9980 are at 9950, 9930 and 9900.
TECHNICALLYSPEAKING.
MACD despite being in positive zone continues with itsbuy signal. Price ROC continues to remainpositive and in buymode. RSI (58) still suggests Bullishmomentum. As long as the NIFTY trades abovethe levelof 9950, the outlook for the session will remain bullish. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 10020.
This week, the indices short term average of 22dma Nifty – 9940close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9900 but above the long term average of 200dma Nifty –9430. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.

1 comment:

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