NIFTY WEEKLY PREDICTION FOR 27 NOV –1 DEC 2017

WEEKLY RESISTANCE FOR NIFTY: 10411,10434,10456,10490

PIVOT POINT: 10343

WEEKLY SUPPORT FOR NIFTY :  10321,10298,10264,10230

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10420, 10438,10449,10460

PIVOT POINT:10402

DAILY SUPPORT FOR NIFTY :  10380,10360,10344,10315

DAILY CHART FOR NIFTY

Sensex opened the week at 33356, made a high of 33724, low of 33299 and closed the week at 33704. Thus the Sensex closed the week with a gain of 407 points. At the same time, the Nifty opened the week at 10297, made a high of 10424 low of 10276.80 and closed the week at 10417.50Thus the nifty closed the week with a gain of 109 points. The Sensex and Nifty ended higher for a seventh straight session on Friday as IT firms gained.

HOLD LONG POSITION IN NIFTY WITH SL OF 10250

As predicted by us in our last weekly report “nifty will trade towards 10420, 10500” and exactly same happened rally of bulls was continuing in this week. They managed to pull nifty above the support levels of 10250 .and achieved target of 10420. And for now nifty seen as a support levels at 10310 and the resistance level at 10440.

Technically, Nifty is still in positive zone. And still suggest hold long positions in the market for now.Market has been consolidating for last couple of days and a breakout from these levels is not ruled out in either direction. But today nifty gives the breakout towards upside (above 10400). So we still suggest hold long positions above 10400 levels and above 10400, positive rally in Nifty would be open for 10430, 10470, 10520, and 10600.

Nifty would be considered to have taken reversal from the positive trend only if it closes below 10250 levels. If it managed to close below 10300 levels. After breaching levels of 10300 for Nifty would force it to move towards 10270-10230-10200 levels in days to come.

Nifty will face Resistance at10425-10455-10470-10490-10505and Support will be at 10366-10350-10330-10300-10270

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10310 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10190 but above the long-term average of 200dma Nifty –9689. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.