24 February 2018


WEEKLY RESISTANCE FOR NIFTY: 10487,10593,10696,10798

WEEKLY SUPPORT FOR NIFTY :  10335,10282,10183,10181
DAILY RESISTANCE FOR NIFTY: 10510,10551,10597,10662

DAILY SUPPORT FOR NIFTY :  10445,10422,10381,10275
Sensex opened the week at 33832, made a high of 34167, low of 33832 and closed the week at 33142. Thus the Sensex closed the week with a gain of 868 points. At the same time, the Nifty opened the week at 10480, made a high of 10504 low of 10316 and closed the week at 10494. Thus the Nifty closed the week with a gain of 11 points. Benchmark indices ended higher by over 1 per cent, tracking gains in global equities, as investors bought the shares of recent underperformers such as pharma and financials.

Markets likely to make positive start
This week Nifty opened mild bullish and made a low (10316 ) near lower support 10300 and tried to move bullish. Post Expire nifty will try to again find trend and Lower support 10300 breaks we can see 10287-10222-10174-10098. On the higher side above 10500-10530 hi hurdle and clears will see 10570-10590-10600-10650. Over all Nifty is now in bull grip so all rallies on the downside will be buying opportunity till nifty don't close below 10300. 
Nifty daily chart continues in "Rectangle chart” pattern. The last few sessions ended up consolidated but still indicates bullish momentum. The market is expected to continue bullish trend. The upside rally could test all the way through 10500-10600 levels in the upcoming weeks. Alternatively, if the market breaks below the support level at 10300, then it might turn bearish once again. The downside rally could test 10150-10070 levels. Resistance holds at 10610.Once the market reaches the resistance, then it might retest the same and turn bearish. Then 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.
This week, the indices short-term average of 22dma Nifty – 10575 close below it. The indices continue to remain below the medium term average of 55dma Nifty – 10555 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.

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