9 February 2018

NIFTY WEEKLY PREDICTION FOR NEXT WEEK 12 FEB TO 16 FEB 2018

WEEKLY RESISTANCE FOR NIFTY: 10647,10762,10858,11164
PIVOT POINT: 10531
WEEKLY SUPPORT FOR NIFTY :  10340,10225,10109,9910
WEEKLY CHART FOR NIFTY




















DAILY RESISTANCE FOR NIFTY: 10489,10527,10549,10571
PIVOT POINT:10451
DAILY SUPPORT FOR NIFTY :  10429,10407,10369,10331
DAILY CHART FOR NIFTY

Sensex opened the week at 34783, made a high of 34833, low of 33682 and closed the week at 34005. Thus the Sensex closed the week with a loss of 2055 points. At the same time, the Nifty opened the week at 10629, made a high of 10722 low of 10300 and closed the week at 10469Thus the Nifty closed the week with a loss of 271 points. Indian indices ended over 1% lower on Friday as stock markets around the world are under selling pressure. Sensex ended 407 points lower, while Nifty settled 107 points lower. Outshining the benchmark index, Midcap was down only 0.09%, while Small Cap gained 0.23%. Among BSE sectorial indices, bank, finance, tech, IT and telecom suffered losses, while metal, realty and power posted gains. 
NIFTY short only below 10980

                             As predicted by us in our last weekly report “nifty will trade CONTINUOUS THE DOWN TREND towards 10570 ” and exactly same happened rally of bears was continuing in this week also. They managed to pull nifty below the support levels of 10730 .and achieved all  the target of 10570 and closed the week with madea low of 10300. And for now nifty will see  10300 as support levels and 10730as a resistance level.

                        Nifty is still in the negative zone. And still, suggest holding short positions in the market for now with SL of 10800. The market has been downtrend since the last couple of days. So we still suggest hold short positions below 10420 levels and below 10420, negative rally in Nifty would be open for 10350, 10300, 10200, and 10070.
On the other hand above 10750 positive rally in Nifty would be open for 10800, 10900, 10950, and 11000.
The support for the Nifty is 10370-10300-10200-10160-10070 and the resistance for the nifty is 10570-10600-10722-10800 levels.               
TECHNICALLY SPEAKING.
          This week, the indices short-term average of 22dma Nifty – 10725 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10600 but above the long-term average of 200dma Nifty 10055. 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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