NIFTY WEEKLY PREDICTION & CHARTS FOR 07 AUG TO 11 AUG '17

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WEEKLY RESISTANCE FOR NIFTY: 10096, 10120, 10158,10197

PIVOT POINT: 10072

WEEKLY SUPPORT FOR NIFTY :  10033,9995,9971,9947

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10116, 10148, 10167,10185

PIVOT POINT: 10083

DAILY SUPPORT FOR NIFTY :  10065,10046,10014,9981

DAILY CHART FOR NIFTY

Sensex opened the week at 32414, made a high of 32612, low of 32122and closed the week at 32324. Thus the Sensex closed the week with gain of51points.At the same time the Nifty opened the week at 10038, made a high of 10149 low of 10018and closed the week at 10111. Thus the Nifty closed the week with gain of72points.The Sensex and Nifty ended higher on Friday, reversing earlier losses, on bargain-hunting in consumer durables, metal and PSU stocks amid weak global cues.

range-bound nifty FOR TARGETS 10100-10400.

Not only did the Nifty enter the much awaited 5-digit club last week, but also managed to close above that from two weeks. Nifty entered the consolidating zone (10000-10100) . in the process achieved the long term Bullish target. Interestingly, niftyis facing a stiff Resistance in the form of upward sloping Trend line.which is at Nifty – 10125. In the short term the upward movement of the indices will be challenged as it will not only face strong Trend line Resistance and the confluence zone of targets,

A strong break below 10,000 will increase the downside pressure. Such a break can drag the contract lower to 9,970 and 9,950. On the other hand, if nifty futures manages to break above 10,125 decisively, the downside pressure may ease. The contract can then rise to 10,150 and 10,180.

TECHNICALLY SPEAKING.

MACD despite being in positive zone continues with its buy signal. Price ROC continues to remain positive and in buy mode. RSI (77) still suggests Bullish momentum. As long as the NIFTY trades abovethe level of 10100, the outlook for the session will remain bullish. Traders with a short-term perspective can sellon rise with a stop-loss at 10150 levels. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 10120. Next key resistances are at 10120, 10180 and 10250 levels.Key supports below 10000 are at 9980and 9930.

This week, the indices tested the short term average of 22dma Nifty – 9940close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9740 but above the long term average of 200dma Nifty –9175. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.