NIFTY WEEKLY REPORT FOR 09 APRIL TO 13 APR 2018

WEEKLY RESISTANCE FOR NIFTY: 10355,10433,10474,10634

PIVOT POINT: 10277

WEEKLY SUPPORT FOR NIFTY :  10236,10195,10117,10039

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10374,10407,10471,10535

PIVOT POINT:10343

DAILY SUPPORT FOR NIFTY :  10310,10279,10215,10151

DAILY CHART FOR NIFTY

Sensex opened the week at 33023, made a high of 33686, low of 32988 and closed the week at 33589. Thus the Sensex closed the week with a gain of 621 points. At the same time, the Nifty opened the week at 10198, made a high of 10359 low of 10121 and closed the week at 10341. Thus the Nifty closed the week with a Gain of 221 points. indices Sensex and Nifty closed little changed on Friday, tracking losses in global equities as trade war tension between US and China escalated after US President Donald Trump said on Thursday that he is ordering the US trade representative to consider $100 billion in additional tariffs on Chinese goods. Markets gained nearly 2% on Thursday as traders cheered RBI’s decision to cut inflation forecast and maintain status quo in monetary policy.

nifty seen 55 ema (10380)as strong resistance level

                      NIFTY have managed to take resistance at the very important level of 55 EMA. The formation sets the stage for a pull-back above the 55  EMA levels, until the low of 10250 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 positive zone above 10380 levels and positive rally in Nifty would be open for 10420, 10450, 10480, and 10520. On the other hand below 10250 downtrend open for 10220-10190-10150-10100-10000 for the Nifty.

The support for the Nifty is 10300-10250-10220-10190-10150 and the resistance for the nifty is 10380-10420-10450-10480 levels.               

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10270 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10380 but above the long-term average of 200dma Nifty 10130. MACD and Price ROC are both positive and in buy mode. RSI (52) suggests bullish momentum. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.