NIFTY NEXT WEEK VIEW & TIPS FOR 7 TH TO 11 MAY '18

WEEKLY RESISTANCE FOR NIFTY: 10797,10870,10944,11019

PIVOT POINT: 10721

WEEKLY SUPPORT FOR NIFTY :  10648,10610,10572,10497

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10849,10866,10883,10929

PIVOT POINT:10792

DAILY SUPPORT FOR NIFTY :  10758,10730,10656,10565

DAILY CHART FOR NIFTY

Sensex opened the week at 35017, made a high of 35596, low of 35001 and closed the week at 35535. Thus the Sensex closed the week with a gain of 620 points. At the same time, the Nifty opened the week at 10679, made a high of 10827 low of 10645 and closed the week at 10815. Thus the nifty closed the week with a loss of 197 points. Sensex and nifty closed higher on Friday, tracking gains in global equities after softer US inflation was seen reducing pressure on the US Federal Reserve to hike rates at the faster pace.

nifty ; strong RESISTANCE level seen @10950 for new high

As predicted by us in our last weekly report “nifty FACE strong RESISTANCE  level at 10800 and support level of 10600 “and exactly the same has happened. NIFTY has managed to trade between the level of 10800-10600 and closed the week at 10815. And in the upcoming week the karnataka election impact we will see in the market. so more volatility we expect the the next trading session.  Next week nifty will face the resistance at 10830,10950 level while 10700,10590 will act as strong support levels.

                   Finally the Reversal zone (Nifty 10736-10800) caught up with the market to give a bullish weekly closing. It was first one after five consecutive weeks of bullish weekly closing.

               NIFTY have managed to take resistance at the very important level of 10830, 10950. Nifty will be in the positive zone a pull-back will seen above 10830 levels and positive rally in Nifty would be open for 10860, 10890, 10920, and 10950,11000. On the other hand below 10600 downtrend open for 10570-10530-10500-10470 for the Nifty. The support for the Nifty is 10600-10570-10530 and the resistance for the nifty is 10830-10860-10890-10950 levels.               

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10630 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10520 and above the long-term average of 200dma Nifty 10235. MACD and Price ROC are both positive and in buy mode. RSI (66) 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.