NIFTY WEEKLY REPORT FOR 19–23FEB 2018

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WEEKLY RESISTANCE FOR NIFTY: 10635,10677,10719,10806

PIVOT POINT: 10590

WEEKLY SUPPORT FOR NIFTY :  10503,10416,10371,10197

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10527,10560,10620,10772

PIVOT POINT:10495

DAILY SUPPORT FOR NIFTY :  10375,10342,10310,10217

DAILY CHART FOR NIFTY

Sensex opened the week at 33903, made a high of 34529, low of 33901 and closed the week at 34010. Thus the Sensex closed the week with a gain of 5 points. At the same time, the Nifty opened the week at 10519, made a high of 10630 low of 10456 and closed the week at 10440 Thus the Nifty closed the week with a loss of 29 points. Sensex closed nearly 300 points lower and NSE Nifty settled at 10440 on Friday as bank stocks dragged after more banks disclosed their exposure in the PNB fraud case. SBI shares fell 3% after the bank said it has an exposure of $212 million in respect to letter of undertaking issued by PNB to Nirav Modi. The Nifty PSU Bank fell 2.49% and Nifty Bank declined 1.02%. BSE Midcap was down 1.20% and Smallcap fell 1.22%. All the sectoral indices on BSE, except IT, ended lower, with telecom, metal and realty suffered most

SELL-OFF CONTINUES.

The market Sell-off from the peak, formed three weeks ago, gathered momentum this week following global cues. Global markets including the US market are down by more than 11% off from their peaks, Selling pressure is so intense that the Trend has reversed for the Short and Medium term timeframe and we seem well poised to test the long term average of 200dma (Nifty 10070). Due to sharp falls in past 3 weeks, we might witness some pull-backs, which should be used to create short positions. The Correction will be deemed over only when Nifty starts trading above 10640.

The market is expected to rally on bullish term to retest a major resistance level holding at 10640/10700 and turn bearish. The upside rally could test all the way through 10600-10700 in the upcoming sessions. Once the market reaches the resistance, then it might retest the same and turn bearish. The downside rally could test 10400-10300 levels. Alternatively, if the market breaks above the resistance level then it might continue in bullish momentum. Key Support holds at 10300. Additional support holds at 10070 at 200 EMA. Nifty make break level 10430 close below will be bearish for 10375-10275. On the higher side above 10640 NIFTY can see some revival in trend to 10670-10700-10750. Over all Nifty is now in bear grip so all rallies on the upside will be sold off till we don’t close above 10640. 

TECHNICALLY SPEAKING. This week, the indices short-term average of 22dma Nifty – 10650 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10585 but above the long-term average of 200dma Nifty –10070. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.