NIFTY WEEKLY PREDICTION FOR 19 MARCH –23 MAR 2018

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WEEKLY RESISTANCE FOR NIFTY: 10431,10476,10528,10580

PIVOT POINT: 10385

WEEKLY SUPPORT FOR NIFTY :  10333,10281,10236,10093

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10321,10406,10479,10553

PIVOT POINT:10259

DAILY SUPPORT FOR NIFTY :  10174,10112,10038,9965

DAILY CHART FOR NIFTY

Sensex opened the week at 33602, made a high of 34042, low of 33221 and closed the week at 33176. Thus the Sensex closed the week with a loss of 131 points. At the same time, the Nifty opened the week at 10331, made a high of 10490 low of 10295 and closed the week at 10238. Thus the Nifty closed the week with a gain of 22 points. Indices declined for the third straight day on Friday due to a major sell-off amid political concerns after the Telugu Desam Party decided to quit the NDA and moved a no-confidence notice against the government.

EVERY PULL-BACK - A SHORTING OPPORTUNITY ;BEAR STORM HITS MARKET - 200DMA TESTED.

Nifty breached all supports and went down to test the 200dma. The long term Support of 200dma came to the rescue and as a result the market bounced back from these lower levels. We are in midst of a minor Pull-back which is to be expected after such a sharp decline. One should not mistake this Pull-back for Trend Reversal. Every Pull-back will be shorting opportunity for the Bears. A Rally towards Nifty 10400-10450 should be used to create short positions. Once the Pull-back rally is done, Nifty will be back to test the 200dma and possibly break that critical level.

Last week the market managed to break the critical Trendline support and as a result the indices fell to test the 200dma. After taking support at the 200dma, market has bounced back and now it will find Resistance at the Trendline which is at Nifty – 10347.

If the market breaks below the support level at 10290, then it might turn bearish once again. The downside rally could test 10110-10070-10030-10000 levels.Alternatively,  Resistance holds at 10500, if the market breaks above the resistance level then it might continue in bullish momentum towards 10550-10580-10600. Key Support holds at 11290. Additional support holds at 10110 at 200 EMA.

TECHNICALLY  SPEAKING.

This week, the indices short-term average of 22dma Nifty – 10410 close below it. The indices continue to remain below the medium term average of 55dma Nifty – 10475 but above the long-term average of 200dma Nifty –10125. Thus the trend in the long term and medium term timeframe continues to remain bearish.