NIFTY WEEKLY PREDICTION FOR NEXT WEEK 12 MARCH TO 16 MAR 2018

WEEKLY RESISTANCE FOR NIFTY: 10401,10560,10701,10842

PIVOT POINT: 10278

WEEKLY SUPPORT FOR NIFTY :  10119,10057,9996,9855

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10281,10344,10451,10558

PIVOT POINT:10237

DAILY SUPPORT FOR NIFTY :  10174,10130,10023,9916

DAILY CHART FOR NIFTY

Sensex opened the week at 33820, made a high of 33957, low of 33065 and closed the week at 33307. Thus the Sensex closed the week with a loss of 261 points. At the same time, the Nifty opened the week at 10369, made a high of 10437low of 10155 and closed the week at 10218. Thus the Nifty closed the week with a loss of 224 points.  Sensex and nifty ended largely flat on Friday taking cues from their Asian counterparts.Market opened gap up but could not sustain the rally. Within few minutes bears have attacked the bulls and market turned negative.Among Sectoral indices, the Nifty PSU Bank index ended 1.81% lower led by a fall in the shares of Canara Bank, IDBI Bank and Oriental Bank of Commerce. 

NIFTY Still in range;Market EYING global cues

Technically key benchmark index Nifty has faced the resistance of 10300 which was previously acted as support. Bulls need strong move above 10300 to confirm their existence in the game. Intermediate support placed at 10110 which is 200 EMA .Overall market breadth remained negative, where 833 stocks advanced against 957 declined stocks. On the higher, NIFTY will face hurdles at 10,350 and then at 10,470 levels. However in case of further decline, its psychological level-10,000 will work as a strong support for the NIFTY. As for the WEEK, support is placed at around 10,150 and then at 10,130,10000 levels, while resistance is observed at 10,300,10330 and then at 10,370,10400 levels. On the daily chart, the Nifty managed to close above its 200 days exponential moving average which suggests strength in the NIFTY in the medium term.Moreover, on hourly chart, The daily momentum indicator RSI(14) reading is 37.06, with positive crossover which provides an indication of a future bullish trend.

If the market breaks below the support level at 10170, then it might turn bearish once again. The downside rally could test 10110-10070-10030-10000 levels. Alternatively,  Resistance holds at 10300, if the market breaks above the resistance level then it might continue in bullish momentum towards 10370-10400-10430-10500. Key Support holds at 11150. Additional support holds at 10110 at 200 EMA.

TECHNICALLY SPEAKING. This week, the indices short-term average of 22dma Nifty – 10441 close below it. The indices continue to remain below the medium term average of 55dma Nifty – 10500 but above the long-term average of 200dma Nifty –10110. Thus the trend in the long term and medium term timeframe continues to remain bearish.