NEXT WEEK NIFTY PREDICTION & CHARTS 3 DEC TO 7 DEC 2018

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WEEKLY RESISTANCE FOR NIFTY:10950,11100,11250

 PIVOT POINT: 10700

WEEKLY SUPPORT FOR NIFTY :  10600,10500,10400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10950,11000,11100
PIVOT POINT:10800

DAILY SUPPORT FOR NIFTY :  10750,10700,10600

DAILY CHART FOR NIFTY

What a splendid month it was for our markets as it brought back wide smile on traders’ / investors’ faces post consistent fall in previous two series. The 10000 mark acted as a very strong base and we witnessed a v-shaped recovery of more than 7% (highest gain post March 2016).  During the nov month, we saw blend of short covering and fresh long formation in Nifty Futures. The index gained over a percent to close above 10,850 levels, forming bullish candle on the daily charts. The rupee gaining past 70 a dollar at close, crude falling below $60 a barrel, consistent FII buying and Federal Reserve's dovish remarks hinting end to aggressive rate hikes boosted market sentiment. Benchmark indices ended marginally higher on Friday, but the Nifty could not hold on to 10,900 level.

 The Sensex rose 453 points to 36170 while Nifty closed above the 200-day moving average, rallying 129 points to 10858. 

NIFTY: A STRONG SUPPORT WILL BE @ 10700; STRONG RESISTANCE LEVEL SEEN @11000

Recently, traders were extremely skeptical about Nifty crossing this ceiling of 10850 – 10900. Today’s, massive bump at the opening resulted in breaking this multiple resistance zone with an authority; courtesy to gigantic overnight rally in US bourses. Now, going by the ‘Gap Theory’, a breach of any major resistance with an upside gap is known as a ‘Breakaway Gap’ and is considered as a sign of strength. Hence, going ahead, we continue to remain upbeat and expect the rally to extend immediately towards 11000 – 11200 levels. On the flip side, yesterday’s gap area of 10780 – 10780 is likely to act as a key support zone now.

 TECHNICALLY SPEAKING.

The index is likely to extend the upward momentum in December with some consolidation, but there could be profit booking in coming sessions after seeing a rally in last four consecutive sessions, experts said. According to Pivot charts, the key support level is placed at 10700, followed by 10800. If the index starts moving upwards, key resistance levels to watch out are 11000 and then 11200. Now, their index futures ‘Long Short Ratio’ has jumped from 29% to 51%, indicating they covered decent shorts and rolled their longs to December series. Rollover for Nifty stood at 71%, lower in terms of percentage as well as open interest. At current juncture, 11000 on the upper side and 10600 on the lower side are attracting trader’s attention. Considering the above data point, we would advise traders to trade with a positive bias going ahead.