WEEKLY RESISTANCE FOR
NIFTY: 11450, 11550,11650
PIVOT POINT: 11350
WEEKLY SUPPORT FOR NIFTY: 11250, 11150,
11050
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11425, 11475,11525
PIVOT POINT: 11350
DAILY SUPPORT FOR NIFTY: 11300, 11250, 11200
DAILY CHART FOR NIFTY
On the back of positive global cues, Nifty started trading
for the week with a gap up around the 11250 mark. However, the index gave up
the opening gains in the first hour of trade and corrected by about 100 points
from the opening level. It then consolidated for most part of the session and
recovered gradually to end the day around the opening levels. The index started
the Tuesday session on a flat note; however it rallied higher in the first hour
of the day up to 11340. It then consolidated below that level and resumed the
positive momentum at the end and tested the 11400 mark in last half an hour. Post
Tuesday’s breakout, Nifty started Wednesday’s session with a gap up around the
11450 mark. However, it then consolidated within the range of 11460-11400
throughout the day and ended near the lower end of the range. Our markets have
seen some relentless move in the last few weeks along with global peers. Since
globally we witnessed some nervousness Thursday morning, our markets reacted
with a gap down opening but fortunately not to the tune of what SGX Nifty was
indicating. During the remaining part of the day, Nifty gyrated in a small
range of nearly 70 points to eventually settle the weekly expiry tad above the
11300 mark. nifty closed the week at 11376.