18 May 2018

NEXT WEEK NIFTY PREDICTION 21 MAY TO 25 MAY 2018

WEEKLY RESISTANCE FOR NIFTY: 10821,10955,11174,11441
PIVOT POINT: 10774
WEEKLY SUPPORT FOR NIFTY :  10601,10507,10240,10106
WEEKLY CHART FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 10671,10735,10789,10896
PIVOT POINT:10628
DAILY SUPPORT FOR NIFTY :  10564,10543,10468,10414
DAILY CHART FOR NIFTY

Sensex opened the week at 35616, made a high of 35921, low of 34867 and closed the week at 34848. Thus the Sensex closed the week with a loss of 687 points. At the same time, the Nifty opened the week at 10810, made a high of 10947.90 low of 10686.05 and closed the week at 10608. Thus the nifty closed the week with a loss of 207 points. Benchmark indices declined for a fourth straight session on Friday, Sensex ended at 34,848, down 301 points while the Nifty settled at 10,605, down 78 points amid caution over uncertainty over the formation of government in Karnataka, developments in US-China trade negotiations and firm crude prices. In a major political development, the Supreme Court held a hearing in the Karnataka government formation matter, directing that the Bharatiya Janata Party (BJP) leader and the state's new chief minister, BS Yeddyurappa, must conduct the floor test on Saturday at 4 pm. Sensex and  Nifty closed lower with dragged by market heavyweights ICICI Bank, RIL and HDFC Bank, following foreign fund outflows and mixed sentiment in global stock markets. Investors were cautious over developments in US-China trade negotiations and rising oil prices.
nifty : a strong support seen as 10565 at 55 ema; strong RESISTANCE level seen @10950 for new high

As predicted by us in our last weekly report “nifty seen strong RESISTANCE  level at 10950 and support level of 10600 and exactly same happened. Nifty was TURNS FROM BULLISH TO BEARISH from near strong resistance 10947.90. They managed to trade between the level of 10950-10600 and closed the week at 10607. And for now also nifty will see 10565,10500 as support levels and 10700,10790 as a resistance level.                    

Finally the Reversal zone (Nifty 10950) caught up with the market to give a bearish weekly closing. It was 2nd bearish weekly one after five consecutive weeks of bullish weekly closing.

               NIFTY have managed to take resistance at the very important level of 10700, 10790. Nifty will be in the positive zone a pull-back will seen above 10700 levels and positive rally in Nifty would be open for 10800, 10840, 10920, and 10950,11000. On the other hand below 10600 downtrend open for 10570-10530-10500-10470-10430 for the Nifty. The support for the Nifty is 10600-10570-10500-10430 and the resistance for the nifty is 10700-10790-10830-10860 levels.               

TECHNICALLY SPEAKING.
          This week, the indices short-term average of 22dma Nifty – 10673 close below it. The indices continue to remain above the medium term average of 55dma Nifty – 10565 and above the long-term average of 200dma Nifty 10264. MACD and Price ROC are both negative and in sell mode. RSI (47) suggests bearish momentum. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.

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