NEXT WEEK NIFTY PREDICTION & CHARTS 28 JAN TO 1 FEB 2019

WEEKLY RESISTANCE FOR NIFTY: 10930, 11000, 11100

 PIVOT POINT: 10800

WEEKLY SUPPORT FOR NIFTY:  10700, 10600, 10500

WEEKLY CHART FOR NIFTY 

DAILY RESISTANCE FOR NIFTY: 10850, 10950, 11050

PIVOT POINT: 10750

DAILY SUPPORT FOR NIFTY:  10700, 10650, 10600

DAILY CHART FOR NIFTY 

Bears were the winner of this week nifty finished the week at 10780.  This week was period of consolidation for our market. It seems that nifty was a bit unsure about near term direction. One day we see nifty trading with immense strength and then there is no follow up move. Post recent breakout from a ‘Diamond’ pattern, nifty consolidated for few days. The week began on a sluggish not. During the initial trade, we saw some nervous trades, but immediately after 15 minutes, a sudden spurt seen in the benchmark index to surpass previous week’s high. However, during the remaining part of the day, index consolidated in a small range to conclude the session by adding half a percent to the bulls’ kitty. Monday & Tuesday’s close above 10950 kept the hopes alive. But, Wednesday’s sharp selloff in ‘ITC’ post its quarterly numbers has poured complete water on it. Within last 45 minutes of trade, nifty was back to the previous breakout points of 10830. On Thursday nifty witnessed a mild positive opening. Subsequently, we witnessed a very boring first half as the index traded within a narrow range. However, the last hour of the day brought some momentum on the announcement of new MD & CEO of Yes Bank. A sharp upsurge in this Nifty stock brought optimism which pulled back the index higher from the lower levels to eventually end with marginal gains at 10850. On Friday nifty finished all the gains of this week & closed below 10800 zone.Now all eyes of interim budget 2019 tabled in Lok Sabha on February 1, 2019.  

NIFTY: A STRONG SUPPORT WILL BE @ 10700; STRONG RESISTANCE LEVEL SEEN @10930
Nifty has broken its consolidation range of last five sessions and slipped below 10,800. Nifty has been forming lower highs lower lows on the daily scale since the last 3 sessions, as it failed to surpass multiple hurdles of last nine weeks at 10,985. Now if the index sustains below 10750 then it may drift towards 50-DMA and next major support at 10700 and then 10600. On the upside, hurdles are seen at 10,930 and then 10985.

 TECHNICALLY SPEAKING.

We are entering into the expiry week of January series. If we meticulously observe the daily & weekly chart, 10750 coincide with our support levels .This support zone is a congestion zone of 89EMA, 50SMA, and a rising trend line support. Going ahead, if bulls have to make a comeback then it needs to continue to hold this support levels (10750) and make a broad base move above 10850 levels. If this scenario meets than we can expect a strong up move during the budget week for the levels of 11000 – 11200. On the flip side, if the index breaks below 10700 on a closing basis, then we may see further pain in the near term. For the coming session traders are advised to keep a close watch on the above levels as a trigger from these levels are likely to provide a near term direction.