11 November 2017

NIFTY & BANKNIFTY WEEKLY PREDICTION FOR 13 NOV –17 NOV 2017

WEEKLY RESISTANCE FOR NIFTY: 10445,10493,10559,10625
PIVOT POINT: 10398
WEEKLY SUPPORT FOR NIFTY :  10332,10266,10218,10171
WEEKLY CHART FOR NIFTY



















DAILY RESISTANCE FOR NIFTY: 10363, 10390,10411,10432
PIVOT POINT:10337
DAILY SUPPORT FOR NIFTY :  10316,10295,10268,10242
DAILY CHART FOR NIFTY
Sensex opened the week at 33586, made a high of 33817, low of 33134 and closed the week at 33354. Thus the Sensex closed the week with a gain of 8695 points. At the same time, the Nifty opened the week at 10452, made a high of 10530 low of 10284 and closed the week at 10348. Thus the Nifty closed the week with a gain of 133 points.The benchmark indices ended positive on Friday after index heavyweight SBI rallied 6% post its September quarter numbers.

Nifty, Sensex end on a tepid note 
Technically, Nifty is still in positive zone. Traders are still suggested to hold long positions in the market for now. Nifty likely to see further downfall in upcoming week. If it managed to close below 10300 levels. After breaching levels of 10300 for Nifty would force it to move towards

10270-10230-10200 levels in days to come. And until then, Traders should initiate long positions above 10400 levels and above 10400, positive rally in Nifty would be open for 10430, 10470, 10520, and 10600.
                                           Bank nifty would be considered weak below 25000 levels. And would see reversal if bank Nifty closes below 25000 levels. Overall, it is strong for mid too long-term and Investors can go long at every dip in the market. But traders should initiate short only below 25000levels. and until then, every downfall is an opportunity to go long in the Bank Nifty.If it managed to close above 25500 levels. After breaching levels of 25600 for bank Nifty would force it to move towards 25650-25720-25500-26000 levels
For BankNifty will face Resistance at 25550-25670-25720-25850-26000 and Support will be at 25350-25270-25150-25080-25000
TECHNICALLY SPEAKING.
          This week, the indices short-term average of 22dma Nifty – 10300 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10150 but above the long-term average of 200dma Nifty –9630. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.

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