NIFTY WEEKLY PREDICTION & CHART FOR 2 JULY TO 6 JULY 18

WEEKLY RESISTANCE FOR NIFTY:10900,10950,11000

 PIVOT POINT: 10750

WEEKLY SUPPORT FOR NIFTY :  10700,10650,10600

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10845,10885,10925

PIVOT POINT:10725

DAILY SUPPORT FOR NIFTY :  10700,10675,10650

DAILY CHART FOR NIFTY

A highly volatile week has ended on positive note. The nifty future has started the week from 10807 made a high of 10829 and low of 10550 and finally closed at 10686  up by 118 points. After falling two consecutive session Sensex registered gain of nearly 400 points on Friday while the Nifty reclaimed 10700 levels thanks to value buying at lower levels. The index was trading near key support levels and a technical bounce back was on the cards. The bulls made their way on D-Street tracking rally in global peers. The rupee, which breached the 69 per dollar mark for the first time in the previous trading sessions also recovered. Markets started the June F&O series on a positive note with all the major indices closing in the green. Nifty outperformed Bank Nifty index by ~1%. Nifty ended the session 125 points higher, reversing yesterday’s loses.

NIFTY: A STRONG SUPPORT WILL BE @ 10550; STRONG RESISTANCE LEVEL SEEN @10850

Now, the nifty future have to hold above the 10775 -10835 zone to extend its upward move towards the 10900-10950 level. It has been making higher highs and higher lows for last four weeks and a hold above 10700 level would be important for the index to move higher. 

Minor support for the index lies in the zone of 10650 to 10600. Support for the index lies in the zone of 10550 to 10500. If the index manages to close below these levels then the index can drift to the levels of 10475  to 10450 where long term moving averages levels are lying. Resistance for the index lies in the zone of 10875 to 10925. If the index manages to close above these levels then the index can move to the levels of 10950 to 11000.

Broad range for the week is seen from 10600 on downside & 10850 on upside.

TECHNICALLY SPEAKING.

For the next week, Nifty future closed above the support level at 10650. Few signs of some fatigue were also evident and there are strong chances that the market may take some breather for a while before it continues with the upward move again. Overall, there are some chances of global trade triggering some volatility, but in any case, consolidation is what is expected and no major downsides are seen. Whatever volatility we may witness is expected to remain rangebound. We advise investors to keep overall exposure moderate at higher levels and protect profits vigilantly