NIFTY WEEKLY REPORT FOR 28 AUG–01SEP 2017

WEEKLY RESISTANCE FOR NIFTY: 9873,9912,9937,10027

PIVOT POINT: 9833

WEEKLY SUPPORT FOR NIFTY :  9808,9783,9744,9704

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9885, 9896, 9904,9929

PIVOT POINT: 9874

DAILY SUPPORT FOR NIFTY :  9867,9859,9848,9818

DAILY CHART FOR NIFTY

Sensex opened the week at 31570, made a high of 31644, low of 31252 and closed the week at 31611. Thus the Sensex closed the week with gain of 102 points.At the same time the Nifty opened the week at 9869, made a high of 9889 low of 9755and closed the week at 9880. Thus the Nifty closed the week with gain of 31 points.The Sensex and Nifty ended little changed on Thursday as gains in IT and pharmaceutical stocks were offset by profit-booking in realty and FMCG stocks ahead of F&O expiry 31 aug 2017.

BUY ON DIPS Until Nifty Holds 9750

If nifty futures manage to break above 9900 decisively, the downside pressure may ease. The contract can then rise to 10,150 and 10,180.Nifty would enter into positive zone if it closes above 9901 levels. See immediate resistance at this level but overall market looks to continue positive momentum.Traders can go long at dips in the market until Nifty holds above 9750 levels on closing basis. On the other hand,A strong break below 9800 will increase the downside pressure and on the Closing bases below 9750 would initiate a big downfall. Such a break can drag the contract lower to 9,600 and 9,500.

TECHNICALLYSPEAKING.

MACD despite being in positive zone continues with its buy signal. Price ROC continues to remain positive and in buy mode. RSI (63) still suggests Bullish momentum. As long as the NIFTY trades abovethe level of 9900, 10000. 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 9900. Next key resistances are at 9940, 9980 and 10020 levels.Key supports below 9800 are at 9770and 9750.

This week, the indices tested the short term average of 22dma Nifty – 955 0close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9250 but above the long term average of 200dma Nifty –8100. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.