NIFTY WEEKLY REPORT FOR 28 MAY TO 01 JUNE 2018

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WEEKLY RESISTANCE FOR NIFTY: 10567,10678,10736,10847

PIVOT POINT: 10514

WEEKLY SUPPORT FOR NIFTY :  10398,10345,10292,10070

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10658,10682,10707,10826

PIVOT POINT:10588

DAILY SUPPORT FOR NIFTY :  10539,10504,10469,10350

DAILY CHART FOR NIFTY

The week has started on a positive note. bulls & bears had a tough fight in the past week. but at last bulls won...!!!The  Sensex started the week at with the level 34856, made a high of 34967, low of 34344 and closed on friday at 34924 with 76 points gain. At the same time, the Nifty opened the week at 10630, made a high of 10637 low of 10408 and closed the week at 10608 with small gains . all the gains were laid by oil and banking stocks. IT extended gains as the rupee traded near a 16-month low. European and Asian shares were mixed amid US-China trade tensions and uncertainty about US-North Korea summit. 

nifty : a strong support seen @ 10400; strong RESISTANCE level seen @10700

As predicted by us in our last weekly report “IF nifty tradeS below 10600 then downtrend WILL open for 10570-10530-10500-10470-10430. and MENTIONED strong resistance level of @10700 FOR LAST WEEK “exactly the same has happened. Nifty was TURNS FROM BULLISH TO BEARISH from. They managed to trade below the level of 10700 and closed the week with achieved all the target of 10430 .

After a break of one week, the Bulls are back with a bang. Just when it seemed that the consolidation would last longer, the Bulls made a comeback if nifty will overcome the critical Reversal zone (Nifty 10702-10736). This development puts the market in fine position just before the Karnataka election. In a favourable scenario, the market will make a new high very soon, but in an adverse scenario, the new high will get postponed by a few days but not cancelled .

               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 10500 downtrend open for 10470-10430-10400-10370-10300- for the Nifty. The support for the Nifty is 10500-10470-10430-10400 and the resistance for the nifty is 10700-10790-10830-10860 levels.            

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10617 close below it. The indices continue to remain above the medium term average of 55dma Nifty – 10562 and above the long-term average of 200dma Nifty 10278. MACD and Price ROC are both positive and in buy mode. RSI (50) suggests bullish momentum. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.