NIFTY WEEKLY PREDICTION & CHART FOR 04 JUNE TO 08 JUNE 18

WEEKLY RESISTANCE FOR NIFTY: 10805,10844,10883,10988

PIVOT POINT: 10672

WEEKLY SUPPORT FOR NIFTY :  10694,10527,10461,10355

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10720,10745,10807,10844

PIVOT POINT:10694

DAILY SUPPORT FOR NIFTY :  10645,10619,10582,10544

DAILY CHART FOR NIFTY

Sensex opened the week at 34856, made a high of 34967, low of 34344 and closed the week at 34924. Thus the Sensex closed the week with a gain of 76 points. At the same time, the Nifty opened the week at 10648, made a high of 10715 low of 10556 and closed the week at 10671. Thus the nifty closed the week with a gain of 63 points. Benchmark indices ended lower on Friday. Price correction on the first session of the new June series derivatives today took its toll. Markets started on a positive note after data showed that India’s January-March 2018 GDP growth soared to a seven-quarter high of 7.7 per cent, spurred by robust performance of manufacturing, construction and service sectors, helping it retain the tag of the fastest growing major economy.

nifty : a strong support seen @ 10600; strong RESISTANCE level seen @10750

Again Bulls have a chance to comeback in nifty . if  it will overcome the critical Reversal zone (Nifty 10750). or trade above 10750 . then In a favourable scenario, the market will make a new high very soon.

               NIFTY have managed to take resistance at the very important level of 10750, 10790. Nifty will be in the positive zone will seen above 10750 levels and positive rally in Nifty would be open for 10800, 10840, 10920, and 10950,11000. On the other hand below 10550 downtrend open for 10500-10470-10400-10370-10300- for the Nifty. The support for the Nifty is 10550-10470-10430-10400 and the resistance for the nifty is 10750-10790-10830-10860 levels.            

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10630 close below it. The indices continue to remain above the medium term average of 55dma Nifty – 10575 and above the long-term average of 200dma Nifty 10290. MACD and Price ROC are both positive and in buy mode. RSI (53) 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.