NEXT WEEK NIFTY PREDICTION & CHARTS 10 DEC TO 14 DEC 2018

WEEKLY RESISTANCE FOR NIFTY: 10900, 11000, 11200

 PIVOT POINT: 10700

WEEKLY SUPPORT FOR NIFTY :  10600,10400,10200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10800,10900,11000

PIVOT POINT:10700

DAILY SUPPORT FOR NIFTY :  10600,10500,10400

DAILY CHART FOR NIFTY

Nifty closed the week at 10701 mark. Market started the December month on a strong footing with nifty closing higher at 10883. The Nifty failed to close above 10900. Markets turned flat in the early afternoon deals on news reports of Qatar exiting the oil cartel OPEC in January 2019. Tuesday’s range bound trading session gas ended on negative note. The Nifty fell 14 points to 10869. Trump-Xi trade truce fuelled stock rally lasted just 24 hours, as India equities snapped six-session winning streak on Tuesday. Also, concerns over inversion of US yield curve, spike in oil prices and caution ahead of RBI policy meet, weighed on domestic stocks. Wednesday Market conditions turned into favor of bears. It’s a negative close for the market for second consecutive session as investors reacted to the stance on interest rates by the Reserve Bank of India. The Monetary Policy Committee kept interest rates unchanged, but sharply cut the inflation targets for October-March. The Nifty tested 10750 mark.  On Thursday market remained under pressure throughout the session on negative global cues, weak rupee and sustained selling by foreign as well as domestic institutional investors with Nifty ended just above 10600 level, Global markets were in a risk-off mode due to fresh flare-up of tensions between China and the US. Oil prices are inching up on expectation of production cuts by Russia and Opec, weakening rupee further.  On Friday market ended on a bullish note. The market was boosted by a report that Warren Buffett's Berkshire Hathaway Inc might take a stake in private-sector lender Kotak Mahindra Bank Ltd.

NIFTY: A STRONG SUPPORT WILL BE @ 10500; STRONG RESISTANCE LEVEL SEEN @11000

As long as it holds below 10700, the Nifty may continue to extend weakness towards 10600 and the psychologically important 10500 levels, while on the upside, the medium-term hurdle is shifting from 10850 to 10900 levels. As long as Nifty doesn’t surpass any immediate hurdle, the overall weak structure could limit the upside for the market. 
Broad range for the week is seen from 10500 on downside & 11000 on upside.

TECHNICALLY SPEAKING.

Now, if we have to analyze the index on weekly and Monthly chart, we can see index precisely testing key Fibonacci ratios and thereby giving some ray of hope for the bulls. next week would be quite crucial for our markets to set a near term trend. For the coming week, 10900 followed by 11200 would be seen as immediate hurdles. If index has to gain some kind of strength, it should first take out these barriers convincingly with an authority. On the other hand, if we fail to do so and again slide below 11600 - 11500, then it would certainly not augur well as we may see a sharp slide once again to test lower levels. Hence, as trader, our advice would be to stay light on positions and one has to be agile while picking up stocks at least for the momentum perspective. Also, we need to highlight that we may see higher volatility going forward and hence, aggressive positions should be strictly avoided.