20 July 2018

NIFTY WEEKLY PREDICTION & CHART FOR 23 TO 20 JULY 18

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WEEKLY RESISTANCE FOR NIFTY:11055,11200,11250
 PIVOT POINT: 11000
WEEKLY SUPPORT FOR NIFTY :  10950,10900,10850
WEEKLY CHART FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 11025,11050,11075
PIVOT POINT:11000
DAILY SUPPORT FOR NIFTY :  10975,10950,10925
DAILY CHART FOR NIFTY

 The week inaugurated with a flat opening amid mixed global cues. It seems that the market was playing some mind games with the market participants throughout this week. Nifty hastened beyond the 11000 mark this past week.  Subsequently, Index gradually declined throughout the Monday’s session and ended with a loss of 0.74% at 10937. On Tuesday, the day clearly belonged to optimists and especially it feels great to witness something of this sort after Monday’s massive hammering. We did have a sluggish start; but index gathered some strength as the day progressed and eventually reclaimed the 11000 mark on a closing basis on Tuesday. On Tuesday’s decent rally was followed by a gap up opening amidst favorable global cues. On Wednesday Market consolidated throughout the first half; however, post the midsession, it witnessed a complete nosedive and within no time, Nifty erased all its gains and in fact, went on to slip inside the negative territory. The market breadth remained extremely weak throughout the second half to eventually conclude the session with a cut of quarter of a percent. On Thursday nifty continued to remain in a range and Wednesday session was no exception. Nifty opened flat in line with global peers, which were followed by some nervousness at higher levels. Index did make couple of attempts to sustain above the 11000 mark; but on both these occasions had to succumbed to the strong profit booking in some of the banking conglomerates along with the ‘IT’ as well as Nifty ‘Infra’ constituents. On Friday after a sedate start buying counters buzzed in the last hour of trade & nifty managed to close above 11000 mark. This week no-confidence motion against Modi government and monsoon session were the key factor responsible for the movement in the market. This week nifty future has started from 11020 made a high of 11073 and low of 10931 & finally closed the week at 11030, total 142 points nifty future has moved in this week.
NIFTY: A STRONG SUPPORT WILL BE @ 10850; STRONG RESISTANCE LEVEL SEEN @10200
as next week will be the expiry week for f & o July series , our positional view remains unchanged. As an optimist, we are interpreting this corrective move as a lull before the storm. Considering last weeks’ bullish developments on weekly chart, the view remains same as long as 10900 – 10825 is not broken convincingly and hence, with reference to this, we will not be surprised to see index breaking the upper boundary in next few days. For the coming session, 10875 followed by 10800 would be seen as an important support zone; whereas, hurdles for next remains at 11200 – 11250. In such type of market phases, market can become a double edged sword and hence, traders are advised not to get carried away with intraday volatility. Rather, it’s advisable to take a directional view and avoid placing aggressive bets.
TECHNICALLY SPEAKING.
the Nifty has recouped major portion of its this week losses and hence, 10900 – 109850 has now earned some significance as an immediate support. Going ahead, we would expect this move getting extended towards 11200 – 10250 and even beyond it. Hence, with a positional view, one should trade with a positive bias and use any decline as a buying opportunity as long as Nifty maintains its position above 10875 – 10800 on a closing basis.

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