NIFTY WEEKLY REPORT FOR 05 FEB–09 FEB 2018

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NEXT WEEK OUTLOOK: CENTURYTEX WILL CONTINUOUS THE DOWN TREND

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WEEKLY RESISTANCE FOR NIFTY: 11098,11170,11214,11373

PIVOT POINT: 11026

WEEKLY SUPPORT FOR NIFTY :  10983,10939,10795,10564

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11085,11110,11130,11150

PIVOT POINT:11060

DAILY SUPPORT FOR NIFTY :  11040,11020,10995,10925
DAILY CHART FOR NIFTY

Sensex opened the week at 36360, made a high of 36417, low of 35006 and closed the week at 36066. Thus the Sensex closed the week with a gain of 51 points. At the same time, the Nifty opened the week at 11141, made a high of 11185 low of 10880 and closed the week at 10740Thus the Nifty closed the week with a gain of 154 points. The Sensex plummeted 840 points, its biggest single-day fall in two-and-a-half years, while the Nifty ended below the 10,800-mark as the post-Budget sell-off continued for the second straight day.Long-term capital gains tax on equities and 10 per cent tax on distributed income from equity-oriented mutual funds dampened the domestic sentiment.

NIFTY will continuous the down trend

                            As predicted by us in our last weekly report nifty “nifty will trade NEGATIVE only below 10980” and exactly same happened rally of bulls over after achieved our target of 10180 then nifty join the bear market in this week. They managed to pull nifty below the support levels of 10980 and closed the week with made a low of 10735.05. And for now nifty will see 10980 as support levels and 11115 as a resistance level.

                        Technically, Indian Stock Market was seen profit booking after an initial positive movement. Indian Stock Market has formed an LONG BLACK CANDLESTICK pattern today.The black body of the candlestick should be longer relative to the other candlesticks on the chart. The lengths of the shadows are not important.This candlestick is generally bearish. However, its position within the broader technical picture is also important. It may show a potential turning point and suggest that prices have reached a resistance level after an extended rally. If it is seen after a long decline, it may signal panic or capitulation, a final sell off attempt before bulls regain control. Still, the candlestick alone is not reliable enough to decide the direction of the markets, since it reflects only one day’s trading.

Market is overstretched So, if Nifty is not able to breach 11000 in initial trade then some profit booking would definitely be seen in the market and some downfall is expected.Nifty is in the negative zone. And still, suggest holding short positions in the market for now with SL of 11000. The market has been down trend since the last couple of days. So we still suggest hold short positions below 10800 levels and below 10800, negative rally in Nifty would be open for 10730, 10700,10650,10570. 

The support for the Nifty is 10730-10700-10650-10570 and the resistance for the nifty is 10800-10870-10900-10950 levels.               

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10837 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10600 but above the long-term average of 200dma Nifty –10033. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.