NIFTY WEEKLY PREDICTION & CHARTS FOR 11 DEC TO 15 DEC 2017

WEEKLY RESISTANCE FOR NIFTY: 10330,10370,10410,10450

PIVOT POINT: 10225

WEEKLY SUPPORT FOR NIFTY:  10200, 10180, 10150, 10100

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10315, 10335, 10375

PIVOT POINT: 10250

DAILY SUPPORT FOR NIFTY:  10220, 10175,10150

DAILY CHART FOR NIFTY

The Nifty future has started the week on positive note. On Monday rangebound trading session was there due to the RBI’s two-day monetary policy review kicks off on Tuesday and the decision was given on Wednesday. The market posted a biggest drop after the announcement of RBI kept repo rate unchanged to 6% on wednesday rbi policy review. RBI Governor Urjit Patel said the credit flow is already better than last October also lower FY18 economic growth forecast by Fitch Ratings and ABP News CSDS opinion poll indicated tough fight for the BJP in Gujarat also dampened market sentiment on Wednesday. The Nifty future has settled below its crucial psychological level of 10100 on Wednesday. Bulls came back in action on Thursday. They managed to make nifty cross the hurdle of 10175-10200. Finally after a tough fight with bears, bulls won the Friday. The Sensex surged 301 points to close at 33250. The Nifty future too went past the 10250-level & closed near 10300 level at 10290. 

MARKETS TO FOCUS ON GUJARAT ELECTIONS

Hopes that the Bharatiya Janata Party  would win critical elections in Gujarat beginning this weekend has contributed to the positive sentiment. An election in Prime Minister Narendra Modi’s home state is a key test for the BJP, ahead of general elections in 2019. The results will be out later this month. According to polls, BJP is expected to win, but the seat count would be lower than what they were vocal about. If they do win, I think markets will take it positively. We may see the same uptrend continued next week also due to Gujarat election polls which is due on 9th & 14 Dec 2017 while results will be out on 18 Dec. Though we expect a quiet start, the follow-through rally to continue with the levels of 200-DMA acting as important support. The levels of 10350 and 10450 will act as immediate resistance levels for the market. Supports come in at 10200 and 10050 zones.

TECHNICALLY  SPEAKING

The support for the index lies in the zone of 10200 to 10100 where break out levels for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 10100 to 10050 where short term moving averages are lying. Minor resistance for the index lies in the zone of 10300 to 10350. Resistance for the index lies in the zone of 10400 to 10450 where trend-line joining highs.. If the index manages to close above these levels then the index can move to the levels of 10500 to 10550. Broad range for the week is seen from 10200 on downside & 10500 on the upside.