6 January 2018

NIFTY WEEKLY PREDICTION FOR 08 JAN TO 12 JAN 2018

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WEEKLY RESISTANCE FOR NIFTY: 10527,10573,10647,10739
PIVOT POINT: 10509
WEEKLY SUPPORT FOR NIFTY :  10481,10435,10371,10279
WEEKLY CHART FOR NIFTY


















DAILY RESISTANCE FOR NIFTY: 10562,10593,10611,10630
PIVOT POINT:10531
DAILY SUPPORT FOR NIFTY :  10512,10494,10462,10432
DAILY CHART FOR NIFTY
NEW MONTH NEW WEEK NEW YEAR AND NEW HIGH OF NIFTY IN 2018
Sensex opened the week at 34068, made a high of 34174, low of 33751 and closed the week at 34174. Thus the Sensex closed the week with a gain of 118 points. At the same time, the Nifty opened the week at 10540, made a high of 10582 low of 10436 and closed the week at 10578 Thus the Nifty closed the week with a gain of 22 points. Sensex and the Nifty closed at new peaks on Friday on heavy buying in consumer durables, realty stocks owing to strong global cues and continued foreign fund inflows.

NIFTY 10600 A WARM WELCOME OF THE YEAR 2018

2017 was a year for the Bulls as they grabbed all the opportunities which were thrown at them and as a result, the indices are up a whopping 28% for the year. The coming year 2018 will see the current Bull market progress further and make huge strides. The Correction is now complete which has led to the formation of higher bottom Nifty 10052. As long as the indices continue to trade above the higher, one can expect Nifty to achieve targets of 10947-11293-11413.
                            As predicted by us in our last weekly report “nifty will trade towards 10520-10600” and exactly same happened rally of bulls was continuing in this week. They managed to pull nifty above the support levels of 10440 .and almost achieved the target of 10590 and closed the week with a new high of 10582. And for now nifty will see  10440 as support levels and 10580 as a resistance level.                        Technically, Nifty is still in the positive zone. And still, suggest holding long positions in the market for now. The market has been consolidating for the last couple of days and today, a breakout ruled out towards upside in nifty and made a new high of 10582. So we still suggest hold long positions above 10500 levels and above 10580, positive rally in Nifty would be open for 10600, 10630, 10650, and 10720.
                         Nifty would be considered to have taken reversal from the positive trend only if it closes below 10440 levels. and below 10440 levels, Nifty would force it to move towards 10400-10370-10300-10250 levels in days to come.
TECHNICALLY SPEAKING.
This week, the indices short-term average of 22dma Nifty – 10437 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10334 but above the long-term average of 200dma Nifty –9866. 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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