NIFTY WEEKLY REPORT FOR 02 APRIL TO 06 APR 2018

WEEKLY RESISTANCE FOR NIFTY: 10228,10336,10453,10570

PIVOT POINT: 10102

WEEKLY SUPPORT FOR NIFTY :  10048,9994,9931,9868

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10150,10180,10233,10286

PIVOT POINT:10127

DAILY SUPPORT FOR NIFTY :  10097,10074,10021,9968

DAILY CHART FOR NIFTY

Sensex opened the week at 33240, made a high of 33269, low of 32523 and closed the week at 32968. Thus the Sensex closed the week with a gain of 372 points. At the same time, the Nifty opened the week at 9989, made a high of 10210 low of 9977 and closed the week at 10120. Thus the Nifty closed the week with a Gain of 117 points. The year 2017-18 saw the bulls losing their steam, with the Sensex rising 12 per cent, compared with a 16 per cent rally in FY17. On the other hand, the Nifty 50 index gained 11% in FY18, as against 18% in the previous corresponding period. India's stocks, bonds and currency markets are closed on Thursday and Friday for Mahaveer Jayanti and Good Friday respectively. Trading will resume on Monday.

nifty seen 55 ema (9960)as support level; PULL-BACK - A POSSIBILITY.

As predicted by us in our last weekly report “nifty will trade above(200 days EMA Resistance level) 10135 positive rally in Nifty would be open for 10165, 10195 and exactly same happened. They managed to pull nifty above the resistance levels of 10135 .and achieved the target of 10195 and closed the week with made a high of 10210. And for now nifty will see  10100,10000 as support levels and 10240,10270 as a resistance level.

                      Nifty have formed a Tweezer bottom on the weekly timeframe. Coupled with the Tweezer formation, NIFTY have managed to take support at the very important level of 50 EMA. The formation sets the stage for a pull-back from the current levels, until the low of 9951 on the Nifty is broken. One can expect a choppy market with clear direction missing and money making will become increasingly difficult. Nifty will be in the negative zone below 9960 levels and negative rally in Nifty would be open for 9930, 9900, 9850, and 9800. On the other hand Pull-back levels are placed at 10418-10562-10706 for the Nifty.

The support for the Nifty is 9960-9900-9850-9800-9770 and the resistance for the nifty is 10270-10300-10370-10430 levels.               

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22 dma Nifty – 10270 close above it. The indices continue to remain above the medium term average of 55 dma Nifty – 10400 but above the long-term average of 200 dma Nifty 10130. MACD and Price ROC are both negative and in Sell mode. RSI (40) suggests bearish momentum. Thus the trend in the long term has remained bearish whereas the trend in the medium term timeframe continues to remain bearish.