NIFTY WEEKLY PREDICTION LEVELS & CHARTS FOR 29 JAN TO 02 FEB 2018

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WEEKLY RESISTANCE FOR NIFTY: 11098,11170,11214,11373

PIVOT POINT: 11026

WEEKLY SUPPORT FOR NIFTY :  10983,10939,10795,10564

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 11085,11110,11130,11150

PIVOT POINT:11060

DAILY SUPPORT FOR NIFTY :  11040,11020,10995,10925
DAILY CHART FOR NIFTY

Sensex opened the week at 35344, made a high of 36207, low of 35308 and closed the week at 36015. Thus the Sensex closed the week with a gain of 504 points. At the same time, the Nifty opened the week at 10820, made a high of 11114 low of 10792 and closed the week at 11070Thus the Nifty closed the week with a gain of 154 points. The Sensex and Nifty ended lower, snapping a six-day record-setting rally, as profit-taking hit IT stocks while large state-run lenders slid as they stood to receive less money than expected from a government recapitalization plan.butBoth indexes posted their fourth consecutive weekly gain. The sensex gained 1.52 per cent and the nifty ended the week 1.61 per cent higher.

NIFTY short only below 10980

                            As predicted by us in our last weekly report “nifty will trade towards 11100” and exactly same happened rally of bulls was continuing in this week also. They managed to pull nifty above the support levels of 10770 .and achieved the target of 11100 and closed the week with a new high of 11114.90. And for now nifty will see  10980 as support levels and 11115 as a resistance level.

                        Technically, Indian Stock Market would see some profit booking after an initial positive movement. Indian Stock Market has formed an BEARISH HANGING MANpatterntoday.Market is overstretched So, if Nifty is not able to breach 11115 in initial trade then some profit booking would definitely be seen in the market and some downfall is expected. This would be just a temporary profit booking and reversal would be considered only if Nifty closes below 10980.or Fresh short positions should be initiated only if Nifty closes below 10980.

On the other hand ,Nifty is still in the positive zone. And still, suggest holding long positions in the market for now with SL of 10980. The market has been uptrendsince the last couple of days. So we still suggest hold long positions above 10980 levels and above 11100, positive rally in Nifty would be open for 11150, 11180, 11220, and 11320. 

The support for the Nifty is 11000-10980-10950-10921 and the resistance for the nifty is 11115-11150-11200-11240 levels.               

Results next week:

29-Jan-2018

Century Textiles & Industries Ltd, IDFC Ltd, Reliance Communications Ltd, Wockhardt Ltd

30-Jan-2018

Bharat Electronics Ltd, Godrej Consumer Products Ltd, Jain Irrigation Systems Ltd, Reliance Power Ltd, TVS Motor Company Ltd

31-Jan-2018 Arvind Ltd, Dabur India Ltd, Escorts Ltd, Hindustan Construction Company Ltd, ICICI Bank Ltd, IDBI Bank Ltd, JSW Steel Ltd, Larsen & Toubro Ltd, NTPC Ltd, PVR Ltd, Reliance Infrastructure Ltd, Vedanta Ltd 01-feb-2018 Bajaj Finance Ltd, MRF Ltd, Titan Company Ltd 02-feb-2018 Bajaj Auto Ltd, Godrej Properties Ltd, Hindalco Industries Ltd

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma Nifty – 10750 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 10536 but above the long-term average of 200dma Nifty –9985. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.