NIFTY WEEKLY PREDICTION FOR 26 MARCH –28 MAR 2018

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WEEKLY RESISTANCE FOR NIFTY: 10647,10762,10858,11164

PIVOT POINT: 10531

WEEKLY SUPPORT FOR NIFTY :  10340,10225,10109,9910

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10489,10527,10549,10571

PIVOT POINT:10451

DAILY SUPPORT FOR NIFTY :  10429,10407,10369,10331

DAILY CHART FOR NIFTY

Sensex opened the week at 33131, made a high of 33339, low of 33483 and closed the week at 32596. Thus the Sensex closed the week with a loss of 580 points. At the same time, the Nifty opened the week at 10230, made a high of 10265 low of 9960 and closed the week at 10003. Thus the Nifty closed the week with a loss of 235 points. Markets plunged to a five-month low on Friday as jittery investors rushed to sell shares on heightened fears of a trade war after US President Donald Trump announced $50 billion in tariffs on Chinese imports.and banking stocks fell further after CBI filed two more fraud cases involving Union Bank of India and State Bank of India. 

nifty breaked 200 ema; BEAR CRASH THIS WEEK 

EVERY PULL-BACK - A SHORTING OPPORTUNITY

As predicted by us in our last weekly report “nifty will trade CONTINUOUS THE DOWN TREND towards 10000 ” and exactly same happened rally of bears was continuing in this week also. They managed to pull nifty below the support levels of 10125 .and achieved all  the target of 10000 and closed the week with made a low of 9960. And for now nifty will see  9925 as support levels and 10135 as a resistance level. Yesterday, Nifty has closed just above the 200dma and it was broken today. The set-up smacks of strong bearishness and hence one is advised to Sell/Short on any sort of pull-backs.

                        Nifty is still in the negative zone. And still, suggest holding short positions in the market for now with SL of 10135(200 EMA). The market has been downtrend since the last couple of days. So we still suggest hold short positions below 9990 levels and below 9990, negative rally in Nifty would be open for 9960, 9930, 9900, and 9850. On the other hand above(200 days EMA Resistance level) 10135 positive rally in Nifty would be open for 10165, 10195, 10240, and 10300.

The support for the Nifty is 10370-10300-10200-10160-10070 and the resistance for the nifty is 10570-10600-10722-10800 levels.               

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22 dma Nifty – 10305 close above it. The indices continue to remain above the medium term average of 55 dma Nifty – 10415 but above the long-term average of 200 dma Nifty 10135. Thus the trend in the long term has remained bearish whereas the trend in the medium term timeframe continues to remain bearish.