NIFTY WEEKLY REPORT FOR 05 NOV –09 NOV 2017

WEEKLY RESISTANCE FOR NIFTY: 10472,10512,10541,10570

PIVOT POINT: 10431

WEEKLY SUPPORT FOR NIFTY :  10402,10373,10333,10292

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10490, 10512,10524,10535

PIVOT POINT:10468

DAILY SUPPORT FOR NIFTY :  10457,10445,10423,10401
DAILY CHART FOR NIFTY

Sensex opened the week at 33685, made a high of 33707, low of 33180 and closed the week at 33685. Thus the Sensex closed the week with a gain of 8695 points. At the same time, the Nifty opened the week at 10380, made a high of 10492 low of 10350 and closed the week at 10489. Thus the Nifty closed the week with a gain of 133 points.The Sensex and Nifty were trading marginally higher on Friday after hitting a record high at open as financials gained, while healthcare and energy stocks edged lower as investors took a breather after a prolonged rally.

Nifty, Sensex end on a tepid note 

Markets current rally which started in December 2016 going from strength to strength even as the bulls continue their domination over the bears. Both the indices are at historic life-time high levels. As the Trend in all timeframes continues to be positive, one needs to adopt a ‘Buy on every Decline’ strategy. As the upward price movement continues. The upward rally has been continuing without any major Correction. Both the indices are in dire need of both prices as well as time Correction.

                                 NIFTY support lies in the zone of 10350 to 10400. Next Support lies in the zone of 10250 to 10100 where break out levels or manages to close below these levels then the nifty can drift to the levels of 10000 to 9950 where short term moving averages are lying.

Resistance for the nifty lies in the zone of 10450 to 10500 where trend-line joining highs formed. If the index manages to close above these levels then the index can move to the levels of 10600 to 10700, 10800.

TECHNICALLY SPEAKING.

          This week, MACD and Price ROC are both positive and in Buy mode. RSI (71) suggests bullish momentum. The indices short-term average of 22dma Nifty – 10221 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10056 but above the long-term average of 200dma Nifty –9510. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.