NEXT WEEK NIFTY PREDICTION & CHARTS 11 MARCH TO 15 MARCH 19

WEEKLY RESISTANCE FOR NIFTY: 11100, 11200, 11300

 PIVOT POINT: 11000

WEEKLY SUPPORT FOR NIFTY:  10900, 10800, 10700

WEEKLY CHART FOR NIFTY 

DAILY RESISTANCE FOR NIFTY: 11100, 11150, 11200

PIVOT POINT: 11035

DAILY SUPPORT FOR NIFTY:  11000, 10950, 10900

DAILY CHART FOR NIFTY 

Nifty clocked its longest stretch of weekly gains since November. Reversing a steady start to the week, the market went down on Friday but finally closed marginally higher. The Sensex ended 1.68% higher this week at 36671 and the Nifty ended above 11000 at 11035 after gaining 1.58 %this week.  After an extended weekend, our markets opened flat on Tuesday despite SGX Nifty suggesting a gap down opening. During the initial trade, Nifty dipped a bit; but after this what we witnessed is ‘Once in a Blue Moon’ kind of scenario. This early morning decline was bought into and then we had a good one way up move throughout the session to conclude at the highest point of the day by adding over a percent to the bulls’ kitty. Tuesday’s strong move was followed by a gap up opening on Wednesday as indicated by the Nifty. Subsequently, index consolidated for the remaining part of the day by maintaining its positive posture throughout the day. Eventually, index ended the session above the 11000 mark by adding over half a percent gains. Thursday had a gap up opening by a small margin yesterday in the absence of any major trigger on the global as well as well domestic front. Index then slipped into a consolidation mode for the major part of the day. Last couple of hours saw some momentum; but there was no clear direction seen as we were approaching the expiration of weekly options contract in Nifty and Bank Nifty. Eventually, Nifty ended the session with negligible gains by successfully defending the 11050 mark.  Friday market closed off its lows amid range bound session due to lack of cues.

NIFTY: A STRONG SUPPORT WILL BE @ 10900; STRONG RESISTANCE LEVEL SEEN @11200

Index eventually managed to close above 11000 mark. Now going ahead, as long as 11000 remains intact, the bulls have nothing to worry for and in fact, we may probably see further extension of the relief move. For the coming week, 11200 – 11300 are the levels to watch out for; whereas on the lower side, 10900 followed by 10800 are likely to act as support levels. Clearly, in last couple of days, the ‘Positive divergence’ occurred in RSI on hourly chart has proved its significance. And now looking at the ‘Morning star’ pattern on daily chart, recent corrective mode is likely to be arrested for a while.
TECHNICALLY SPEAKING.

Most of the uncertainty on the global as well as domestic front is behind us now and our markets gave it a big ‘Thumbs up’ as there was no unfavorable outcome from these developments. Hence, we continue to remain upbeat on this space and expect further legs to unfold in the upward direction. Now, let’s focus on how chart is shaped up for ‘Nifty’. On the daily & weekly chart, Index has now broken above descending trend line resistance confirming a bullish breakout. The said breakout is witnessed with a bullish breakaway gap which augurs well for the bulls.  Going ahead, we sense the positive momentum to continue and Index to test previous swing high of 11118 and surpass the same in the next few sessions. Traders are advised to continue with the flow of positive momentum and use dips to enter longs. As far as support levels are concerned, bullish gap around 10900- 11000 will act as an immediate demand zone. Index is now at a kissing distance from surpassing the ‘Downward trend Line’ resistance of 11200 – 11300. Looking at the overall set up, we expect it to happen in the forthcoming session, which will open up further room to march towards 11500 and beyond levels.  In fact, looking at the overall set up, we will not be surprised to see this rally getting extended beyond this junction in days to come. Traders are advised to stay positive and should ideally avoid placing contradictory shorts in the market. However, having said that, one needs to be very selective now while picking up right propositions in order to ride the momentum.