NIFTY WEEKLY PREDICTION & CHART FOR 9 JULY TO 13 JULY 18

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WEEKLY RESISTANCE FOR NIFTY FUTURE: 10850,10900,10950

 PIVOT POINT: 10800

WEEKLY SUPPORT FOR NIFTY FUTURE:  10750,10700,10650

WEEKLY CHART FOR NIFTY FUTURE

DAILY RESISTANCE FOR NIFTY FUTURE: 10835,10865,10895

PIVOT POINT:10800

DAILY SUPPORT FOR NIFTY FUTURE:  10750,10725,10700

DAILY CHART FOR NIFTY FUTURE

The week has started on a bearish note. The Nifty future has opened at 10698 on Monday & made low of 10595 after that bulls shown their strength & took the Nifty future above 10800 mark in Friday’s session & made a high of 10816 & finally closed the week at 10772.65, almost 220 points Nifty future has moved in this week.  United States’ $34 billion trade tariffs on Chinese imports, better than expected macro data and cabinet’s approval to raise MSP for kharif crops, shrugging off trade tensions between US and China were the major triggers of this week.

NIFTY FUTURE: A STRONG SUPPORT WILL BE @ 10650; STRONG RESISTANCE LEVEL SEEN @10925

Bulls run to be continued in the next week. The Nifty future showed up move during the following week, & closed the week in positive zone. Now, the Nifty future have to hold above the 10800 -10825 zone to extend its upward move towards the 10850-10900 level.  Nifty future will face g strong overhead resistance at 10835-10865 levels. The hurdles for Nifty future will now at 10850-10875 zone. The near-term trend of Nifty future 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. Broad range for the week is seen from 10675 towards downside & 10875 towards upside.

TECHNICALLY SPEAKING.

If we get a positive start on Monday and if the Nifty future moves past the critical 10825 -10850 zone, it will, for the time being, fail the breakout that it suffered from the large symmetrical triangle on the daily charts. Monday’s session will be important for the Nifty future in more ways than one. The 10850 and 10875 levels will act as important resistance, while supports will come in at 10700 and 10675 levels. The Relative Strength Index or RSI on the daily chart stood at 53.77. It continues to remain neutral and shows no divergence against the price. The daily MACD still remains bearish as it trades below its signal line. However, it is narrowing its trajectory and moving towards a positive crossover. Apart from a white body, no significant formations were observed on the candles. Pattern analysis shows the likelihood of a failure of the downward breakdown that the Nifty future suffered a couple of days back. If the index manages to successfully move past the 10800 -10725  zone, the breakdown seen previously can be termed as a false one. Overall, there are higher chances of the Nifty future continuing the pullback. Its closing above the 50-DMA and above the short-term 20-DMA is positive for the markets. Subject to the Nifty future moving past the 10,785-10815 range, Nifty future is likely to scale higher if the ongoing momentum continues. We recommend staying away from creating short positions. Value purchases may be made, and profits should be protected until the 10800 level is surpassed. A positive outlook is advised for the next week.