NIFTY WEEKLY REPORT FOR 11 SEP –15 SEP 2017

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WEEKLY RESISTANCE FOR NIFTY: 9981,10013,10042,10072

PIVOT POINT: 9950

WEEKLY SUPPORT FOR NIFTY:  9920,9891,9859,9828

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9976, 9991, 10036,10064

PIVOT POINT: 9948

DAILY SUPPORT FOR NIFTY :  9933,9918,9904,9890

DAILY CHART FOR NIFTY

Sensex opened the week at 31706, made a high of 31740, low of 31623 and closed the week at 31654. Thus the Sensex closed the week with loss of 220 points.At the same time the Nifty opened the week at 10009, made a high of 10009 low of 9887 and closed the week at 9946. Thus the Nifty closed the week with loss of 57 points.Markets are trading in slightly positive territory paring losses as it nears to the closing hours of Friday’s intraday trade.Both the Nifty and the Sensex started the session on a positive note and were struggling to gain bullish momentum. The bellwether indices were trading choppy with a negative bias.

RANGE-BOUND NIFTY between 9980-9880

As the Correction continues, markets are witnessing Selling at every higher levels and this will continue till the market conquers the Resistance zone of Nifty 9980-9990.nextkey resistances are at 10000 and 10,055, 10100. A closing above this level will indicate end of Correction and resumption of prior Uptrend. On the other handdecline below 9,920 can pull it down to 9880 or 9,850 levels. Next key supports are at placed at 9,830 and 9,800 levels.

TECHNICALLYSPEAKING.

MACD despite being in positive zone continues with its buy signal. Price ROC continues to remain positive and in buy mode. RSI (65) still suggests Bullish momentum. As long as the NIFTY trades abovethe level of 9980. the outlook for the session will remain bullish. Nifty can continue its up move on a strong rally beyond its immediate resistance level of 10100. Next key resistances are at 10150, 10200 and 10230 levels.Key supports below 9920 are at 9880,9855and 9830.

This week, the indices tested the short term average of 22 dma Nifty – 9920 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9833 but above the long term average of 200 dma Nifty –9318. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.