NIFTY WEEKLY REPORT FOR 23 OCT–27 OCT 2017

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WEEKLY RESISTANCE FOR NIFTY: 10262,10283,10299,10314

PIVOT POINT: 10240

WEEKLY SUPPORT FOR NIFTY :  10225,10209,10188,10116

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10248, 10266,10276,10286

PIVOT POINT:10230

DAILY SUPPORT FOR NIFTY :  10220,10192,10174,10746

DAILY CHART FOR NIFTY

Sensex opened the week at 31920, made a high of 32656, low of 31895 and closed the week at 32611. Thus the Sensex closed the week with a gain of 200 points. At the same time, the Nifty opened the week at 10018, made a high of 10271 low of 9995 and closed the week at 10247. Thus the Nifty closed the week with a gain of 55 points. The last trading session gave no reason to cheer, as the domestic equity market ended on a negative note on Wednesday . Markets were otherwise dull ahead of a long Diwali weekend. Banking stocks were among the top sectorial losers, with the NiftyPSU Bank index slipping over 2%. The fall in the banking pack was triggered by Axis Bank that lost nearly 9% intra-day post its September quarter numbers that showed worsening asset quality.

Nifty, Sensex end on a tepid note 

It is only natural to expect the market to gather some fuel before restarting the new upward journey. The pause in the rally is a necessity as Sensex has gained 7000 points and Nifty 2300 points.

The current rally which started in December 2016 has been going from strength to strength as it has. The upward rally has been continuing without any major Correction. The recent Correction was the first meaningful which started in August. Both the indices are in dire need of both prices as well as time Correction .Interestingly; the Correction tested the higher bottom (Nifty 9685). The higher bottom held strong and it resulted in validating the higher bottom. Thus, any decline below Nifty 9685 will spell bad news for the Bulls and will negate the intermediate trend.

The long term view, Even a sharp price Correction is unlikely to breach the strong support level of Sensex 27500 and Nifty 8500.

For the year ahead, Sensex will face Resistance at 32500-33200-34715 and Support will be at 26666-25500-24494.

For the Year ahead, Nifty will face Resistance at 10280-10330-10400-10550-10650-11000 and Support will be at 9685-9500-9300-9000-8800-8500

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10052 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 9960 but above the long-term average of 200dma Nifty –9490. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.