NIFTY WEEKLY REPORT FOR 19 JUNE–23 JUNE 2017

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WEEKLY RESISTANCE FOR NIFTY: 9630, 9645, 9668, 9728

PIVOT POINT: 9614

WEEKLY SUPPORT FOR NIFTY :  9592,9569,9554,9538

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9607, 9614, 9640,9661

PIVOT POINT: 9599

DAILY SUPPORT FOR NIFTY :  9686, 9573, 9566,9538

DAILY CHART FOR NIFTY

Sensex opened the week at 31115, made a high of 31218, low of 31047 and closed the week at 31061. Thus the sensexclosed the week with aloss of200points.At the same time the Nifty opened the week at 9626, made a high of 9660 low of 9584 and closed the week at 9590. Thus the Nifty closed the week with aloss of91points.The Nifty is trading on a mixed note and is hovering around the psychological 9,600 level since the opening today.Indices swung between gains and losses on Friday to end the day flat amid lack of global as well as domestic cues. Nifty settled the week 0.8% lower, its first weekly loss in six weeks.

Go short on a break below 9,580 with a stop-loss at 9,595

Price action suggests that nifty is not gaining strength to sustain above 9,600. A break below 9,580 can drag nifty lower to 9,550 and 9,530. The level of 9,530 is a key trend line support which is likely to halt the current fall. A subsequent reversal from 9,530 may take nifty higher to 9,600 levels once again.Short-term traders with high risk appetite can go short on a break below 9,580. Stop-loss can be placed at 9,595 for the target of 9,550. Revise the stop-loss lower to 9,575 as soon as the contract moves down to 9,565.

On the other hand, if the Nifty manages to sustain above 9,580, it can remain range-bound between 9,580 and 9,625 for some time. A breakout on either side of this range will then decide the next trend.

TECHNICALLYSPEAKING.

MACD despite being in positive zone continues with its Sell signal. Price ROC continues to remain positive and in Buy mode. RSI (75) 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 9,580 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 9,625. Next key resistances are at 9,650 and 9,700 levels.Key supports below 9,580 are at 9,550 and 9530.

This week, the indices tested the short term average of 22dma Nifty – 9575close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9400 but above the long term average of 200dma Nifty –8900. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.