8 June 2018

NIFTY WEEKLY PREDICTION & CHART FOR 11 JUNE TO 15 JUNE 18

WEEKLY RESISTANCE FOR NIFTY: 10850,10875,10900
 PIVOT POINT: 10650
WEEKLY SUPPORT FOR NIFTY :  10600,10525,10475
WEEKLY CHART FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 10775,10800,10825
PIVOT POINT:10700
DAILY SUPPORT FOR NIFTY :  10725,10700,10675
DAILY CHART FOR NIFTY

Tug of war between bulls and bears from day one. Bears were heavy on 1st two days i.e. Monday & Tuesday but finally bulls snatched the rope in their hand and managed to touch level 10814 but bears did not diminished from the race and again showed some strength to pull back nifty till the level 10725 on Friday. After a 2-day spell since Reserve Bank of India's (RBI) rate hike which saw the Sensex rise more than 500 points, equity markets on Friday opened in the red as investors opted for profit booking ahead of the weekend. This week nifty future has started at 10732 made a high of 10814 and low of 10552 and finally closed at 10738 down by 76 points.
As predicted by us in our previous weekly report nifty has successfully passed the critical zone 10750 & made a high 10814 & closed at 10748.

NIFTY: A STRONG SUPPORT WILL BE @ 10875; STRONG RESISTANCE LEVEL SEEN @10575
Bulls run to be continued in the next week. The Nifty showed upmove during the following week, but closed in the negative zone. The index is facing strong overhead resistance at 10825-10855 levels. the hurdles for nifty will now at 10830-10875 zone. The near-term trend of Nifty is positive but choppy. The market is expected to face strong resistance around 10850-10900 levels in the next weeks, and one may expect emergence of weakness from these highs.
TECHNICALLY SPEAKING.
Nifty has held on well above 10700 & if sustains above 10745 the weekly trend too would turn positive for the next week. The support for the week is seen at 10575 while resistance is seen at 10875. Bank Nifty has been an outperformer with front line banking stocks continuing to surge higher, the range for the week would be 26300-26900. 


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