NIFTY WEEKLY PREDICTION FOR 20 NOV –24NOV 2017

WEEKLY RESISTANCE FOR NIFTY: 10335,10350,10376,10402

PIVOT POINT: 10321

WEEKLY SUPPORT FOR NIFTY :  10280,10266,10254,10240

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10326, 10393,10440,10488

PIVOT POINT:10259

DAILY SUPPORT FOR NIFTY :  10211,10164,10098,10030

DAILY CHART FOR NIFTY

Sensex opened the week at 33275, made a high of 33489, low of 32736 and closed the week at 33297. Thus the Sensex closed the week with a loss of 57 points. At the same time, the Nifty opened the week at 10342, made a high of 10373 low of 10125 and closed the week at 10298. Thus the nifty closed the week with a loss of 50 points. The Sensex soared over 400 points intraday and the Nifty raced past 10,300 as international rating agency Moody’s has upgraded India’s sovereign bond rating to Baa2 from Baa3 with a stable outlook and also noted continued progress on economic and institutional reform will enhance India's high growth potential. 

Nifty hold long positions with sl of 10250
As predicted by us in our last weekly report “bank nifty will see a full action of bulls in this week” and exactly same happened rally of bulls was continuing in today’s market. They managed to pull bank nifty above the support levels of 25000 .and achieved target of 25850 made high of 25974.65. And for now bank nifty seen as a support levels at 25700 and 25925 is the resistance level in bank nifty.

Technically, Nifty is still in positive zone. Traders are still suggested to hold long positions in the market for now. Nifty likely to see further downfall in upcoming week. If it managed to close below 10250 levels. After breaching levels of 10300 for Nifty would force it to move towards

10350-10420-10500 levels in days to come. you initiate long positions above 10350 levels and above 10400, positive rally in Nifty would be open for 10430, 10470, 10520, and 10600.

On the daily charts, both the indices have formed a small black body Star. This is a neutral formation but it can have bearish implications if we form a bearish candle on Monday. On the weekly charts, Sensex has formed almost a Doji with a very long lower shadow whereas the Nifty has formed a Hammer formation which has a long lower shadow and even a small upper shadow. Thus candlestick study indicates a neutral to bullish bias in the near term.

Nifty will face Support will be at 10280-10230-10150-10080-10000

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10280 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10155 but above the long-term average of 200dma Nifty –9644. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.