NIFTY WEEKLY REPORT FOR 18 SEP–22 SEP 2017

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WEEKLY RESISTANCE FOR NIFTY: 10129,10177,10208,10240

PIVOT POINT: 10081

WEEKLY SUPPORT FOR NIFTY :  10049,10018,9970,9922

WEEKLY CHAT FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10113, 10129, 10147,10164

PIVOT POINT: 10097

DAILY SUPPORT FOR NIFTY :  10080,10062,10046,10030
DAILY CHART FOR NIFTY

Sensex opened the week at 31798, made a high of 32356, low of 31797and closed the week at 32272. Thus the Sensex closed the week with gain of585points.At the same time the Nifty opened the week at 9971, made a high of 10131 low of 9968and closed the week at 10085. Thus the Nifty closed the week with loss of151points.Nifty has moved to positive territory in the closing hour. The index is testing the important mark of 10,100. Bank Nifty is also off from its day’s low in the closing hour. Accuracy

NIFTY READY TO BREAK PREVIOUS LIFE TIME HIGH OF 10149

This week, Nifty came very close to overcoming the previous life high of 10137. Last three days of the week saw nifty reaching near previous life-highs but was unsuccessful in clearing that level. The coming week may see the Nifty overcoming the previous highs.As long as the NIFTY trades above the level of 10100. The outlook for NIFTY will remain bullish. Nifty can continue it’s up move on a strong rally beyond its immediate resistance level of 10149. Next key resistances are at 10155, 10180 and 10230 levels. Key supports below 10000 are at 9950, 9930 and 9900.

                                          On the daily charts, niftyhave formed a small white body candle with small shadows which is a neutral formation. On the weekly front, Nifty have formed an Opening White body Marubuzo. It is a bullish pattern suggesting that the uptrend will now gather strength. Thus daily as well as weekly candlestick pattern study indicates a bullish bias in the near term.

BANKNIFTY VIEW:

The support for Bank Nifty is at 24810-24735-24632-24499 and the resistance to the up move is at 24982-25035-25085-25185 levels.Market would enter into negative zone if it closes below 10030 levels for Nifty and 24690 levels for Bank Nifty. 

TECHNICALLYSPEAKING.

MACD despite being in positive zone continues with its buy signal. Price ROC continues to remain positive and in buy mode. RSI (62) still suggests Bullish momentum.

This week, the indices tested the short term average of 22dma Nifty – 9927close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9817 but above the long term average of 200dma Nifty –9187. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.