NEXT WEEK NIFTY PREDICTION & CHARTS 29 OCT TO 2 NOV 2018

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WEEKLY RESISTANCE FOR NIFTY:10300,10400,10500

 PIVOT POINT: 10000

WEEKLY SUPPORT FOR NIFTY :  9900,9800,9700

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10100,10200,10300

PIVOT POINT:10050

DAILY SUPPORT FOR NIFTY :  10000,9800,9700

DAILY CHART FOR NIFTY

We started-off the week on a positive note and rallied towards 10600 mark, but this up move was short lived as once again massive selling emerged to bring index towards 10000. In index futures, mixed positions were formed last week. At the same time, put writer of 9800 strikes also lightered some of their positions. Stronger hands continued selling in index futures along with longs in index puts.  First half in the week gone by was very much on expected lines as we saw continuation of previous week’s relief move towards the 10500 mark. This move was aided by some of the macro factors like Crude oil cooling off from higher levels and respite in domestic currency after recent relentless weakness.  Monday, we had a good bump up at the opening owing to strong positive cues from the Asian bourses, especially the Hong Kong market. However, this again turned out to be formality as there was immense selling pressure seen right from the word go. Subsequently, index consolidated for some time in a range before sliding below the 10300 in the last hour of the trade. On Monday  nifty ended at 10252. On Tuesday market opening formality as always was influenced by the global peers and they were literally sinking early in the morning. As a result, we had a gap down opening which was followed by some immediate recovery towards Monday’s low. However, once again a strong selling pressure at higher levels dragged the index lower to breach recent swing low of 10138. Fortunately, at the end, the damage was not as big as it looked; courtesy to some tail end recovery in the broader market. On Tuesday nifty ended at 10146. Wednesday, once again we had a good bump up at the opening, courtesy to smart recovery in US markets on Tuesday. However, similar to last two occasions, markets corrected after seeing 100 points gap. In fact, immediately post the midsession, the selling aggravated and in the process, we hastened towards previous day’s low. Fortunately, this time the close was not as it was on previous two occasions. In last hour of the trade, we witnessed a good broad based recovery in the market to reclaim the 10200 mark on a closing basis yesterday too; the gap down opening was mainly on the back of sharp overnight sell off seen in the US markets. Wednesday nifty closed at 10290. Thursday the market remained under pressure throughout the session but recovered a bit at the end of October F&O expiry day. The Nifty closed October series 99 points lower at 10124 points. The Nifty Bank index closed Thursday’s trade 0.98% lower. Friday markets extended falls on to hit nearly seven-month low. The Sensex closed 340 points lower at 33349, while the Nifty shed 94 points to settle at 10030.

NIFTY: A STRONG SUPPORT WILL BE @ 10100; STRONG RESISTANCE LEVEL SEEN @10500

As long as it holds below 10100 , the Nifty50 may continue to extend weakness towards 10000 and the psychologically important 9800 levels, while on the upside, the medium-term hurdle is shifting from 10300 to 10400 levels. As long as Nifty doesn’t surpass any immediate hurdle, the overall weak structure could limit the upside for the market. 
Broad range for the week is seen from 9800 on downside & 10500 on upside.

TECHNICALLY SPEAKING.

It seems that the market is in no mood to give any kind of sigh of relief to traders/ investors community. There has been several attempts made to give some bounce back move; but, on all these occasions, markets failed due to relentless selling at higher levels. To fuel this, global markets are creating nuisance these days. The damage was once again got restricted post the opening, but it’s been happening repeatedly now-a-days and hence, bulls may not have any kind of confidence left to interpret this as exhaustion. Technically speaking, last week we had mentioned about the positive crossover in ‘RSI-Smoothened’ on daily chart, which is still intact. In addition, last couple of sessions’ correction took a support precisely at the 30% Fibonacci retracement of the recent relief move. Considering all these evidences, some sort of respite in the forthcoming week cannot be ruled out. But, since, of late, market is in no mood to please traders/investors fraternity, we would rather wait for some kind of reversal. If we see index surpassing and staying beyond 10500, then our assumption would get confirmed and in this case, we may see index rebounding back to 10600 – 10700 levels. Going ahead, we expect index now to undergo some time-correction for a while; but range would be slightly wider. It’s advisable to keep booking existing shorts and ideally should adopt a stock centric approach.