NIFTY WEEKLY PREDICTION & CHART FOR 30 JULY TO 3 AUG 18

WEEKLY RESISTANCE FOR NIFTY:11350,11400,11450

 PIVOT POINT: 11250

WEEKLY SUPPORT FOR NIFTY :  11200,11150,11100

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11325,10350,11375

PIVOT POINT:11275

DAILY SUPPORT FOR NIFTY :  11225,11200,11175

DAILY CHART FOR NIFTY

A highly volatile week has ended on positive note. The nifty future has started the week from 10807 made a high of 10829 and low of 10550 and finally closed at 10686  up by 118 points. After falling two consecutive session Sensex registered gain of nearly 400 points on Friday while the Nifty reclaimed 10700 levels thanks to value buying at lower levels. The index was trading near key support levels and a technical bounce back was on the cards. The bulls made their way on D-Street tracking rally in global peers. The rupee, which breached the 69 per dollar mark for the first time in the previous trading sessions also recovered. Markets started the June F&O series on a positive note with all the major indices closing in the green. Nifty outperformed Bank Nifty index by ~1%. Nifty ended the session 125 points higher, reversing yesterday’s loses.

all eyes are on RBI meet that is held on next week Wednesday Aug 1 2018, and expect some skepticism if the rates are hiked. 

NIFTY: A STRONG SUPPORT WILL BE @ 11000; STRONG RESISTANCE LEVEL SEEN @11400

The index has closed around the resistance level of 11300. On the way down, 11150–11000 will be a crucial support zone in the near term. Any minor pullback towards the support zone shall be considered as buying opportunity. Since the short-term trend is bullish, buy on dips shall be the preferred strategy for the short-term target of 11400. The short-term outlook remains positive as long as it does not close below 10850. 

TECHNICALLY SPEAKING.

The outlook of Nifty remains positive for the near term. A sustainable move 11350-11400 levels could have further positive impact on the Nifty ahead. In such a case we expect Nifty to reach up to the 11500 levels in the next few weeks. If the Nifty fails to sustain above 11150 levels for the next 2-3 sessions, one may expect downside correction in the market to the low of 10900 levels. Continuation of long trading positions and creating fresh long positions would be a prudent strategy for near term. Keep the levels of 11800 for Nifty as a stop loss for the existing long trading positions for the near term and one can raise the stop loss in line with Nifty rise.