10 August 2018

NIFTY WEEKLY PREDICTION & CHART FOR 13 AUG TO 17 AUG 18

WEEKLY RESISTANCE FOR NIFTY:11550,11600,11650
 PIVOT POINT: 11450
WEEKLY SUPPORT FOR NIFTY:  11375,11325,11275
WEEKLY CHART FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 11475,11500,11530
PIVOT POINT: 11400
DAILY SUPPORT FOR NIFTY :  11375,11350,11325
DAILY CHART FOR NIFTY

The merry days continues for our market after undergoing some stressful period but on Friday bulls were in off mood The silver lining is that Nifty still holds 11,400 mark, while the Sensex has remained positive for the whole week. Unlike previous week, the intra-week action was not as smooth as it was; but as we generally say all is well that ends well. Index managed to reclaim the 1140 mark with an authority; bringing the smile back on lot of retail investors.  Last week’s smart recovery was followed by a gap up opening in the current week.  As the week started domestic as well as global front was quite conducive for our markets. Subsequently, we witnessed a hint of profit booking at higher levels; but, overall we can say the intraday price action was quite lethargic and range bound to conclude tad below the 11400 mark.  On Monday nifty future has closed at 11414. On Tuesday nifty opened higher owing to strong cues from the global peers. However, it appeared as if we had some other plans as we shrugged off these positive cues and remained in a slender range throughout the session. Within this consolidation, index was clearly struggling to go pass the 11400 mark. Nifty future closed Tuesday at 11418. On Wednesday certainly a good start for our market as we saw index opened above the 11400 mark as indicated by the SGX Nifty. There was some initial profit taking seen from higher levels; but didn’t last long. The index once again reclaimed its highs as we saw strong buying emerging in some of the heavyweights. In fact, the momentum accelerated towards the fag end to reach yet another milestone of 11450. Nifty future made a high of 11476 & closed the day at 11467.On Thursday after 2 days of relaxation bulls were back in racing mood. After clocking a fresh milestone of 38,000, the Sensex has managed to end the day above this mark. In the nifty future today race has started from the highest ever level 11498 after that it made a high of 11504 came down to 11467  & finally it has closed the day at 11484. On Friday nifty future was trading little of bit after achieving 11485 it came down to 11430 & closed at 11435 down by 52 intraday points.
NIFTY: A STRONG SUPPORT WILL BE @ 11350; STRONG RESISTANCE LEVEL SEEN @11600
Now, the nifty future have to hold above the 11400 -11450 zone to extend its upward move towards the 11530-11600 level. It has been making higher highs and higher lows for last six weeks and a hold above 11400 level would be important for the index to move higher. 
Minor support for the index lies in the zone of 11375 to 11350. Support for the index lies in the zone of 11325 to 11300. If the index manages to close below these levels then the index can drift to the levels of 11275  to 11250 where long term moving averages levels are lying. Resistance for the index lies in the zone of 11525 to 11550. If the index manages to close above these levels then the index can move to the levels of 11575 to 11600.
Broad range for the week is seen from 11600 on downside & 11350 on upside.

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