NEXT WEEK NIFTY PREDICTION & CHARTS 5 NOV TO 9 NOV 2018

TO GET OPTION CALL PUT TIPS WHATSAPP UR NAME & SEGMENT ON 9039542248 
WEEKLY RESISTANCE FOR NIFTY:10500,10600,10700

 PIVOT POINT: 10400

WEEKLY SUPPORT FOR NIFTY :  10300,10200,10100

WEEKLY CHART FOR NIFTY

 DAILY RESISTANCE FOR NIFTY: 10450,10550,10650

PIVOT POINT:10400

DAILY SUPPORT FOR NIFTY :  10350,10250,10150

DAILY CHART FOR NIFTY

Happy Diwali week!   The index continues to enjoy its Bull Run despite some in between hiccups.  The benchmarks clocked their best weekly rally in two years after stocks extended gains globally as the boost to sentiment came after Bloomberg News reported U.S. President Donald Trump is interested in reaching an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina this month and has asked key officials to begin drafting potential terms. For the week Sensex surged 4.98 percent and the Nifty 50 Index rose 5.2 percent. Trading for the week began marginally higher as indicated by the Nifty. Subsequently, we saw immediate drop in initial five minutes of trade. However, post this there was sustained buying seen throughout the remaining part of the day. In fact, the momentum accelerated in the latter half to clock massive single day gains of over two percent. Eventually, the broad based rally resulted into reclaiming of 10200 with some authority.  Tuesday was clearly a day of disappointment for the momentum traders after seeing Monday’s massive intraday rally. During the first half, we did see couple of attempts to head higher but on both these occasions, index failed to carry the momentum as few heavyweights were experiencing strong selling pressure, which eventually aggravated in the latter half to pull the index once gain below the 10200 mark. Wednesday nifty opened higher after Tuesday’s minor correction or rather we should term it as a breather. Subsequently, we witnessed a nosedive in the initial hour mainly on the back of some news flow on the differences between the RBI and the Central government. Fortunately, the damage got restricted at the kissing distance from 10100 and to everyone’s surprise, there was complete turnaround in traders’ sentiments as we witnessed a vertical rally of nearly 300 points to conclude the session with whopping gains of 1.85%. Wednesday’s v-shaped recovery was followed by a gap opening with a decent margin on Thursday. However, similar to recent trend, this early morning lead turned out to be a formality as we witnessed good profit booking in most of the heavyweight constituents. During the day, index largely remained in a small range and all attempts to surpass 10400 were turned unsuccessful. Eventually, we had a flat opening tad below this crucial junction. On Friday nifty rebounded strongly along with rupee after crude fell for fifth day in a row amid strong global cues. Nifty climbed 1.66% or 173 points to 10,553 & closed the week on bullish note.

NIFTY: A STRONG SUPPORT WILL BE @ 10300; STRONG RESISTANCE LEVEL SEEN @10700

Technically speaking, we did witness a ‘Bullish Hammer’ pattern getting formed during the midst of the week and it has shown some significance of it. But now, first half of the forthcoming week would be quite crucial in order to draw the immediate route map for the market. The index will have to convincingly traverse the strong resistance zone of 11650 – 11700, if it has to gain some real strength in the near term. It looks possible considering the broader market participation; but as a trader, one needs to be closely tracking how index behaves around those important levels. On the lower side, 11400 followed by 11300 would now be seen as immediate and crucial supports.

TECHNICALLY SPEAKING.

The RSI on the weekly chart stood at 46.12  and it has marked a fresh 14-period high, which is bullish. It also showed bullish divergence against the price. Daily MACD trended strong, while remaining above its signal line. If we have a look at the pattern analysis, Nifty first breached the important support in the 10450-10400 zone. Thereafter, it further violated the supports that existed in the zone of 10,300-10200  twice. As of now, it has traded above these levels despite a couple of violations. Now, for this pullback to sustain, Nifty will have to move past and stay above the 10,400-10,450 zone. The index has kept its head above the important 10200 -10100 levels. Now, it will need to move past the 10,450 mark and stay above it to form a base in the current zone. At present, the temporary base formation was seen, but it awaits confirmation. If this happens, we can expect some stability in the market for at least the immediate short term. Until the level of 10450 is breached and Nifty sustains above this, the market will remain vulnerable to volatile selloffs. Cautious but positive outlook is advised for the week.