WEEKLY RESISTANCE FOR
NIFTY:10700,10800,10900
PIVOT
POINT: 10550
WEEKLY
SUPPORT FOR NIFTY : 10500,10400,10300
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY:
10700,10750,10800
PIVOT POINT:10600
DAILY
SUPPORT FOR NIFTY : 10550,10500,10450
DAILY CHART FOR NIFTY
Diwali week brought back some joy in the
traders’ / Investors’ fraternity. Few macro factors like Crude Oil correcting
from higher levels as well domestic currency softening led to this much awaited
hope rally. There were couple of tentative attempts seen from the markets; but
eventually strong buying momentum lifted index significantly higher from last
week’s low. During the week, barring muhurat trading day, there has been no
major action seen in the Nifty. Nifty
opened on a sluggish note owing to nervous cues from the Asian bourses. Index
remained in a bit of pressure for the major part of the day. However, late
recovery post the SBI earning resulted into trimming of some portion of losses
and in the process, Nifty eventually managed to defend the 10500 mark on a
closing basis. Monday’s corrective move can be interpreted as a breather or
pull back towards the important support zone of 10480 - 10440. Tuesday’s
session was quite similar to Monday’s trading action. Index remained in a slender
range with no real momentum in the Nifty ahead of Diwali festival. However, on
the auspicious day of Laxmi Pujan on Wednesday, Nifty opened higher with a
decent gap and eventually closed tad below the 10600 mark. Thursday Market was
closed on accounts of Diwali. Friday nifty was trading slightly lower tracking as the
Federal Reserve looked set to deliver another interest rate hike next month,
paring gains made earlier this week after US midterm elections triggered a
global equities rally. Nifty closed the week above 10600 mark.
NIFTY:
A STRONG SUPPORT WILL BE @ 10675; STRONG RESISTANCE LEVEL SEEN @10925
Now, the nifty
future have to hold above the 10600 -10650 zone to extend its upward move
towards the 10700-10800 level. It has been making higher highs and higher lows
for last four weeks and a hold above 10650 level would be important for the
index to move higher. Minor support for the index lies in the zone of 10600 to 10550. Support for the index lies in the zone
of 10500 to 10450. If the index manages to close below these levels then the
index can drift to the levels of 10400 to 10350 where long term moving averages
levels are lying. Resistance for the index lies in the zone of 10700 to 10800.
If the index manages to close above these levels then the index can move to the
levels of 10850 to 10900.
Broad range for the week is seen from 10350 on downside & 10750 on
upside.
TECHNICALLY
SPEAKING.