NIFTY NEXT WEEK PREDICTION FOR 05 JUNE - 09 JUNE 2017

WEEKLY RESISTANCE FOR NIFTY: 9637, 9668, 9687, 9706

PIVOT POINT: 9605

WEEKLY SUPPORT FOR NIFTY :  9586,9567,9536,9504

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9663, 9672, 9696,9711

PIVOT POINT: 9653

DAILY SUPPORT FOR NIFTY :  9634, 9624, 9609,9595

DAILY CHART FOR NIFTY

Sensex opened the week at 31078, made a high of 31284, low of 31010 and closed the week at 31273. Thus it closed the week with a gainof 245points. At the same time the Nifty opened the week at 9560, made a high of 9672  low of 9543 and closed the week at 9645. Thus the Nifty closed the week with a gain of76points.After taking positive cues from the global markets, the Nifty futures contract started the session with a gap up open at 9,660 levels.Indices ended at record highs on Friday, tracking upbeat trend in global markets, while back home hopes of good southwest monsoon rains also lifted sentiment.

SENSEX ABOVE 31000; nifty above 9600

The current rally of 1700 Nifty points has hardly witnessed any substantial correction, neither time-wise or price-wise. Just when it seemed that we might witness a healthy correction, the Bulls led the charge and took the market to new life-highs again. Nifty has touched 9600 and Sensex has closed above 31000 for the week. Thus the Correction seems elusive for now and market participants, who have been feeling left out of this strong Bull rally, will continue to feel the same for some more time.

Nifty To Break the 9580-9660 Range, Continue Long Until Nifty Holds 9580

Technically, Indian Stock Market is still in positive zone. Now, Nifty is ready to break the range of 9580-9660.In the positive direction and the next target would be 9680-9700. Overall, market is positive until it holds 9580 for Nifty. Breaching 9580 levels would force Nifty to see levels of 9540 levels where it would see its next support. Downside looks very limited as huge buying is seen at every dip in the market. So Trade is to hold long positions or go long at dips until Nifty closes below its last support of 9540 levels. Every dip would be an opportunity to add long positions in the market.

TECHNICALLY SPEAKING.

MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (69) still suggests Bullish momentum. As long as the contract trades above this level, the outlook for the session will remain bullish. Traders with a short-term perspective can buy the contract in dips with a stop-loss at 9,600 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 9,670. Next key resistances are at 9,680 and 9,700 levels.Key supports below 9,630 are at 9,610 and 9,600. Strong plunge below 9,600 can pull the contract down to 9,580 and 9,560 levels.

This week, the indices tested the short term average of 22dma Nifty – 9483close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9305 but above the long term average of 200dma Nifty –8820. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain uptrend.