NIFTY WEEKLY PREDICTION FOR 15 MAY TO 19 MAY 2017

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WEEKLY RESISTANCE FOR NIFTY: 9451, 9494, 9522, 9550

PIVOT POINT: 9408

WEEKLY SUPPORT FOR NIFTY :  9352,9309,9266,9195

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9431, 9445, 9471,9498
PIVOT POINT: 9417

DAILY SUPPORT FOR NIFTY :  9404, 9391, 9377,9363

DAILY CHART FOR NIFTY

Sensex opened the week at 29940, made a high of 30359, low of 29903 and closed the week at 30189. Thus it closed the week with a gainof 362points. At the same time the Nifty opened the week at 9336, made a high of 9464  low of 9322 and closed the week at 9418. Thus the Nifty closed the week with a gain of103 points.Both Sensex and Nifty hit record highs of in the previous two sessions, and were up more than 1% for the week. This is a second consecutive week of gains for the Indices.The major indices in the markets remained weak on Friday. Nifty closed at 9400 levels down by 21 points while Sensex closed at 30188 levels down by 62 points.

MID-CAP GRIPS THE MARKET

It was a record shattering week as the Sensex joined Nifty in registering lifetime highs and in the process overcame the psychological level of 30000. Even as the front-line indices are moving above lifetime highs now, the market focus is on the Mid-Cap Index and Bank Nifty. These indices have not only surpassed their lifetime high levels sometime back but are rapidly moving higher. The Mid-Cap Index is going from strength to strength and hence the market participants are making merry. In the short term, immediate support comes in the form of bullish gap between Nifty 9350-9300.

TECHNICALLY SPEAKING.

The support for the Nifty is 9380-9350-9320-8280-8250 and the resistance to the up move is at 9430-9450-9480-9495levels.MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (68) still suggests Bullish momentum. On the daily charts, nifty have formed a BEARISH TRI STAR candle foron Friday.In the case of a Bearish Tri Star we have a market, which is in an uptrend for a long time. However, the weakening trend is probably indicated by the bodies that are becoming smaller. The first doji is a matter of concern. The second Doji clearly indicates that market is losing its direction. Finally, the third doji warns that the uptrend is over. This pattern indicates too much indecision leading to the reversal of positions. On the weekly charts, Nifty has formed a BEARISH DELIBERATION BLOCKcandle after a neutral formation in last week. Thus both daily and weekly formations are suggesting a bearish bias in the near term.

This week, the indices tested the short term average of 22dma Nifty – 9302close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9134 but above the long term average of 200dma Nifty –8704. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain downtrend.