NIFTY WEEKLY REPORT FOR 05–09 MAR 2018

WEEKLY RESISTANCE FOR NIFTY: 10486,10531,10561,10652

PIVOT POINT: 10470

WEEKLY SUPPORT FOR NIFTY :  10410,10379,10333,10288

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10616,10714,10887,10973

PIVOT POINT:10541

DAILY SUPPORT FOR NIFTY :  10443,10406,10368,10195

DAILY CHART FOR  NIFTY 

Sensex opened the week at 34141, made a high of 34278, low of 34015 and closed the week at 33046. Thus the Sensex closed the week with a loss of 96 points. At the same time, the Nifty opened the week at 10400, made a high of 10639 low of 10386 and closed the week at 10442. Thus the Nifty closed the week with a loss of 52 points. On Thursday The Sensex was trading down by nearly 130 points as subdued global market sentiment offset better-than-expected GDP data. The Sensex was trading down 127 points or 0.37 per cent at 34,056.and the nifty down 35  points or 0.34 per cent at 10,456.

NIFTY Still on a SIDEWAYS course.

Following global cue Indian equity opened gap down tug of war between bulls and bears has been observed throughout the day but bulls fails to sustain the 10500 mark. Sector specific PSU Bank and MEDIA were underperforming the key benchmark index whereas FMCG was the only out performer in the market. We expect the Index to trade below 10640 zone for the coming week. Rallies must be taken as an opportunity to enter short positions for initial down moves till 10200 and then 10000 mark.NIFTY lost 10,500 mark continuing prior daily down-trend, where the index has formed an indecisive pattern-Doji-right after a bearish reversal one. Our negative view will remain intact on NIFTY, as major key technical indicators are on the verge of a negative cross-over. In case of major decline, its prior swing low (placed at around 10,290level) will continue to work as a strong support for the nifty. On the higher side, 10,640 mark will act as a make-or-break level for the index as any close above that mark will confirm the near-term break-out.As for the NEXT WEEK, support is placed at around 10,430 and then at 10,350 levels, while resistance is observed at 10,560 and then at 10,600,10640 levels.  On a daily chart, the Nifty closed below its 21&55 days moving average which is placed at 10565 level which shows negative momentum in the Index.

                           If the market breaks below the support level at 10430, then it might turn bearish once again. The downside rally could test 10350-10290-10070 levels.Alternatively,  Resistance holds at 10600-10640, if the market breaks above the resistance level then it might continue in bullish momentum towards 10700. Key Support holds at 10300. Additional support holds at 10070 at 200 EMA.

TECHNICALLY SPEAKING. This week, the indices short-term average of 22dma Nifty – 10565 close below it. The indices continue to remain below the medium term average of 55dma Nifty – 10550 but above the long-term average of 200dma Nifty –10100. Thus the trend in the long term and medium term timeframe continues to remain bearish.