DAILY
RESISTANCE FOR NIFTY: 7797, 7824, 7878, 7932
PIVOT
POINT: 7770
DAILY
SUPPORT FOR NIFTY : 7743, 7716, 7662,7608
DAILY
CHART FOR NIFTY
WEEKLY RESISTANCE FOR NIFTY: 7922, 8020,
,8184,8248
PIVOT POINT: 7856
WEEKLY SUPPORT FOR NIFTY : 7758, 7750, 7692,7528
WEEKLY SUPPORT FOR NIFTY : 7758, 7750, 7692,7528
WEEKLY CHAT FOR NIFTY
For the
week, Sensex closed at 25,610 and Nifty
future closed at 7,770 down by 2.5% each. A lot has happened over the week in
the political world as well as on the macro-economic front. The humbling defeat
of the BJP in Bihar State Elections saw sharp cuts in key indices on Monday. A
small pullback could not stop the selling pressure which was evident for the
rest of the week except during muhurat trading.
TECHNICAL ANALYSIS FOR NIFTYAS
PER TECHNICAL,
Nifty futures took support around the 7800 region. We have
seen that in the history of Indian stock market, political event fallouts are
discounted with a gap down opening and a subsequent low on the next functioning
trading day and that was what happened in the last trading session too. It
rebounded from the 7790 level which in itself is a strong support, and as long
as this level holds on declines, we may consider that a short term low has been
formed for now. In any case, we anticipate that the range between 7812 and 7775
would not be violated at one go. after the initial volatility and probable
retest of previous day’s supports, may move up on short covering subsequently.
On the higher side, 7950 is the immediate resistance. The range 7990-8030 may
act as a critical zone to watch out for Monday and an important hurdle and
Nifty must take out this range decisively for signal that it is on the path to
recovery which may take it up to the 8100 region once again with some
resistance around 8070 and 8085.
ABOVE
8030 IT IS BULLS AREA
BULLS
CAN TARGET 8085 AND 8200,
BELOW 7770 BEARS ARE ALSO CAN BE ACTIVE
BELOW 7770 BEARS ARE ALSO CAN BE ACTIVE
BEARS
CAN TARGET 7758 AND 7700,
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