NIFTY WEEKLY PREDICTION & CHART FOR 18 JUNE TO 22 JUNE 18

WEEKLY RESISTANCE FOR NIFTY:10900,10950,11000

 PIVOT POINT: 10750

WEEKLY SUPPORT FOR NIFTY :  10700,10650,10600

DAILY RESISTANCE FOR NIFTY: 10845,10885,10925

PIVOT POINT:10725

DAILY SUPPORT FOR NIFTY :  10700,10675,10650

Reversing a steady start to the week, the market went down on Friday but finally closed marginally higher. The Sensex closed higher by 22 points to 35622, while the Nifty future rose 4.75 points to close at 10818. For the week, Sensex gained 0.50% and Nifty rose 0.46%. Both the indices posted their fifth consecutive weekly gain. after shuttling between 10750 and 10850 during the week. Nifty future has started the week at 10768 made a high of 10873 and low of 10735 & finally closed at 10818. The markets traded rangebound on Friday except for a brief spell in mid-day trade as both Sensex and Nifty finished flat.  higher CPI inflation for May at 4.8 per cent and FOMC meeting on 11 june 2018 ,historic meet between the US President Donald Trump and North Korean leader Kim Jong Un regarding denuclearization of the Korean peninsula on 12 june 2018, US Federal Reserve's decision to raise key interest rates by 0.25 per cent on 13 june 2018 ,  & reuslts of major IT stock Infosys and TCS on 14th & 15 th june  was the key highlights of the week.

NIFTY FOR THE NEXT WEEK

In the next week the market can expect a lot of activity in the PSU banking space after the President signed an ordinance to finetune the insolvency law. The Finance Minister and heads of PSU banks have discussed constructive action plans. Any positive outcome on the recovery front should lead to a rerating of PSU banks.  Few banks like Indian Bank and Vijaya Bank, hopefully, should perform better, as their books are cleaner than their PSU peers. Additionally, markets are likely to take cues from global macros, as news flow on the domestic floe is almost over for now.  On the industry front, we believe pharma stocks have made a confirmed double bottom pattern on the charts and have started an upward journey. Investors with a long-term investment horizon can pick pharma stocks in their portfolios.
NIFTY: A STRONG SUPPORT WILL BE @ 10675; STRONG RESISTANCE LEVEL SEEN @10925

Now, the nifty future have to hold above the 10800 -10750 zone to extend its upward move towards the 10900-10950 level. It has been making higher highs and higher lows for last four weeks and a hold above 10800 level would be important for the index to move higher. 

Minor support for the index lies in the zone of 10735 to 10675. Support for the index lies in the zone of 10650 to 10600. If the index manages to close below these levels then the index can drift to the levels of 10550 to 10500 where long term moving averages levels are lying. Resistance for the index lies in the zone of 10900 to 10950. If the index manages to close above these levels then the index can move to the levels of 11000 to 11150.

Broad range for the week is seen from 10675 on downside & 10925 on upside.

TECHNICALLY SPEAKING.

For the next week, Nifty future closed above the support level at 10800. Few signs of some fatigue were also evident and there are strong chances that the market may take some breather for a while before it continues with the upward move again. Overall, there are some chances of global trade triggering some volatility, but in any case, consolidation is what is expected and no major downsides are seen. Whatever volatility we may witness is expected to remain rangebound. We advise investors to keep overall exposure moderate at higher levels and protect profits vigilantly.