NIFTY NEXT WEEK PREDICTION & CHART FOR 26 DEC TO 29 DEC 2017

WEEKLY RESISTANCE FOR NIFTY: 10509,10659,10736,10813

PIVOT POINT: 10359

WEEKLY SUPPORT FOR NIFTY :  10282,10205,10055,9905

WEEKLY CHART FOR NIFTY

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

PIVOT POINT:10491

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

DAILY CHART FOR NIFTY

Sensex opened the week at 33364, made a high of 33964, low of 32595 and closed the week at 33940. Thus it closed the week with a gain of 478 points. At the same time the Nifty opened the week at 10263, made a high of 10501, low of 10074 and closed the week at 10493. Thus the Nifty closed the week with a gain of 160 points. The boost received after the BJP win in Gujarat along with strong global markets, propelled the indices to register new life-high levels. After oscillating in a broad band of roughly 500 points for more than 7 weeks, Nifty has finally managed a breakout on Friday and brought Christmas cheer to the market. Stock indices on Friday closed on a higher note ahead of Christmas as benchmarks Sensex and Nifty rallied to all-time peaks, with IT, technology and capital goods leading the gain. While the Sensex inched near 34,000, the Nifty ended slightly short of 10,500. In intraday, both scaled life highs.

Sensex, Nifty hit fresh record highs led by TCS, Infosys rally

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 10300 levels. After breaching levels of 10300 for Nifty would force it to move towards

10270-10230-10200 levels in days to come. And until then, Traders should initiate long positions above 10400 levels and above 10400, positive rally in Nifty would be open for 10430, 10470, 10520, and 10600. On the weekly charts, both the indices have formed a big Closing White body Marubuzo. On the daily charts, Sensex has formed a big White body Marubuzo, whereas Nifty has managed a big white body candle. Thus daily as well as weekly candlestick pattern suggests a bullish bias in the near term.

TECHNICALLY SPEAKING.

          This week, both the indices tested both short term average of 20dma (Sensex - 33337 and Nifty - 10288) as well as the medium term average of 50dma (Sensex – 33218 and Nifty – 10292), but the market recovered during the day and even closed the week above these averages. Both the indices still remain well above the long term average of 200dma (Sensex – 31538 and Nifty – 9785).  Thus the trend in short term as well as medium term timeframe recovered and remains Upward, whereas the trend in the long term timeframe still continues to remain Bullish. MACD and Price ROC continues in Buy mode. RSI suggests continuation of Bullish momentum. Stochastic Oscillator continues in Buy mode.