NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 12 OCT TO 16 OCT 2020

WEEKLY RESISTANCE FOR NIFTY: 12000, 12200,12400

PIVOT POINT: 11900

WEEKLY SUPPORT FOR NIFTY:  11700, 11500, 11300

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11950, 12050,12150

PIVOT POINT: 11900

DAILY SUPPORT FOR NIFTY:  11800, 11700, 11600

DAILY CHART FOR NIFTY

Nifty continued with its previous week’s momentum and started the week with another gap up opening. The index surpassed the 11500 mark and rallied to register a high of around 11580. At noon, we saw some tentativeness and the index corrected back upto 11450, but then we again saw some pullback at the end and Nifty reclaimed 11500 mark at the close. Positive cues from the global markets led to another gap up opening for Nifty on Tuesday. Post the gap up, the index consolidated in a range for most part of the session and then it rallied higher in the last hour of the session to end at its highest close in last seven months. In spite of the sluggish cues from the global markets, Nifty started the Wednesday session on a positive note and surpassed the 11700 mark. Post a surge in the first hour of the trade, the index consolidated with a positive bias throughout the session and ended at new seven month high. Nifty started the Thursday session with another gap up opening well above the 11800 mark. It continued the momentum and even tested 11900; however, some profit booking was seen in the penultimate hour due to which the index gave up some of the gains and ended around the opening levels, up by almost 100 points. The rally continued on the seventh straight day on October 9 with Nifty closing above 11900 and Sensex added over 300 points.   Sensex and Nifty ended near the day's high mainly supported by the banking names after Reserve Bank of India kept the Repo Rate unchanged at 4% and continued with the accommodative stance.   At close, the Sensex was up 326.82 points at 40509, and the Nifty was up 79 points at 11914

NIFTY: A STRONG SUPPORT WILL BE @ 11500; STRONG RESISTANCE LEVEL SEEN @12200

We are entering into the weekend with a strong closing where the Nifty is not very far from the 12000 price mark! 12200-12300 is a potential target which the index is capable of achieving during the course of this month. 11500 is a good support level.

TECHNICALLY SPEAKING.

Nifty on the weekly chart formed a long bull candle and the whole chart pattern now indicate a larger positive sequence of higher tops and bottoms. Hence, more upside could be in store in the near term to form a yet another higher top reversal at the new swing highs. The underlying trend of Nifty continues to be positive. The overall chart pattern signal more upside for the market in the near term. The upside targets to be watched for the coming week at 12200. Immediate support is placed at 11700.