NIFTY WEEKLY PREDICTION & CHARTS FOR 18 DEC TO 22 DEC 2017

WEEKLY RESISTANCE FOR NIFTY: 10435, 10470, 10500

PIVOT POINT: 10350

WEEKLY SUPPORT FOR NIFTY:  10300, 10250, 10200

WEEKLY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 10435, 10470, 10500

PIVOT POINT: 10350

WEEKLY SUPPORT FOR NIFTY:  10300, 10250, 10200

WEEKLY CHART FOR NIFTY

The volatile week has ended on bullish note after exit polls predicted a clean sweep for PM Narendra Modi-led Bharatiya Janata Party (BJP) in the recently held elections in Gujarat and Himachal Pradesh. On Friday the Sensex rose 216 points to 33462. A lot of consolidation has happened in this past week. This week nifty future opened at 10259 made a high of 10400 and low 10163 and finally closed at 10356, Total 237 points movement was there in nifty future this week.
MARKETS TO FOCUS ON UPCOMING EVENTS

Now all eyes are on upcoming event risks -- two state election results due on 18 December (stakes are higher in Gujarat), the winter parliament session, November trade numbers, and fiscal developments, which will dictate near-term action. Monday will see the levels of 10450 and 10500 playing out as important resistance for the index future. Supports come in at 10300 and 10250 zones. 

TECHNICAL SPEAKING

 Nifty closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 10300 to 10330. Resistance for the index lies in the zone of 10350 to 10370. If the index manages to close above these levels then the index can move to the levels of 10400 to 10450. During the week the index manages to hit a high of 10400 and close the week around the levels of 10370.

For the next week resistance for the index lies in the zone of 10450 to 10500. If the index manages to close above these levels then the index can move to the levels of 10550 to 10600. Minor support for the index lies in the zone of 10300 to 10250. Support for the index lies in the zone of 10200 to 10150 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 10000 where short term moving averages are lying. Broad range for the week is seen from 10300 on downside & 10500 on the upside.

RECOMMENDATION FOR NEXT WEEK

All in all, we expect a gap up opening of week with volatility but also expect the market to face resistance going ahead. We recommend avoiding shorts but also recommend continuing to remain highly selective and vigilantly protect profits at higher levels.