NIFTY WEEKLY REPORT FOR 01 JAN TO 05 JAN 2018

“I HOPE THAT 2017 HAS BEEN A SUCCESSFUL YEAR FOR YOU! 

THANK YOU FOR TAKING THE TIME TO INTERACT WITH US, WE ARE VERY THANKFUL! 

AND WISH YOU THE VERY BEST FOR THE NEW YEAR 2018...!!!!

WEEKLY RESISTANCE FOR NIFTY: 10527,10573,10647,10739

PIVOT POINT: 10509

WEEKLY SUPPORT FOR NIFTY :  10481,10435,10371,10279

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10562,10593,10611,10630

PIVOT POINT:10531

DAILY SUPPORT FOR NIFTY :  10512,10494,10462,10432
DAILY CHART FOR NIFTY

Sensex opened the week at 33838, made a high of 34106, low of 33816 and closed the week at 34056. Thus the Sensex closed the week with a gain of 116 points. At the same time, the Nifty opened the week at 10540, made a high of 10599.95 low of 10469 and closed the week at 10556Thus the nifty closed the week with a gain of 63 points. Sensex and Nifty closed higher in the final trading session of 2017, with the Sensex gaining 110 points and Nifty crossing the 10,500. Besides, beginning of January series in the futures and options segment accelerated buying by participants, which supported the upside. All the sectorial indices led by power, capital goods, infrastructure and healthcare were up.

 HOLD LONG POSITION IN NIFTY WITH SL OF 10440

As predicted by us in our last weekly report “nifty will trade towards 10520-10600” and exactly same happened rally of bulls was continuing in this week. They managed to pull nifty above the support levels of 10400 .and achieved target of 10520 and closed the week near to final target 10600 with made high of 10568 at all time high. And for now nifty seen as a support levels at 10440 and the resistance level at 10570.

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 in the range of (10568-10469) and a breakout from these levels is ruled out in either direction.will decide next week movement in nifty. So we still suggest hold long positions above 10440 levels and above 10440, positive rally in Nifty would be open for 10590, 10650, 10680, and 10720.

Nifty would be considered to have taken reversal from the positive trend only if it closes below 10440 levels. and below 10440 levels , Nifty would force it to move towards 10400-10370-10300-10250 levels in days to come.

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10400 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10292 but above the long-term average of 200dma Nifty –9825. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.