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WEEKLY
RESISTANCE FOR NIFTY: 11600, 11800,12000
DAILY RESISTANCE FOR NIFTY: 11500, 11600,11700
PIVOT POINT: 11450
DAILY SUPPORT FOR NIFTY: 11400, 11300, 11200
DAILY CHART FOR NIFTY
PIVOT POINT: 11400
WEEKLY SUPPORT
FOR NIFTY: 11300, 11200, 11000
WEEKLY CHART FOR
NIFTY
DAILY RESISTANCE FOR NIFTY: 11500, 11600,11700
PIVOT POINT: 11450
DAILY SUPPORT FOR NIFTY: 11400, 11300, 11200
DAILY CHART FOR NIFTY
Nifty started trading for the week on a
flat note, but it corrected in first half an hour and registered a low around
the 11250 mark. It then recovered gradually and oscillated within a range
throughout. An upmove in the last half an hour resulted in the index closing
tad below the high point of the day with marginal gains. Tuesday Nifty started
the session marginally positive yesterday and attempted a pullback move with
the support of IT heavyweights. However, the bears took the charge in the
latter half of the day and the index corrected sharply in the last hour to end
with a loss of one third of a percent. The U.S. indices corrected sharply
overnight which had a negative impact on the opening for our markets on
Wednesday. Nifty opened with gap down around 11220 and it corrected gradually
to sneak below the 11200 mark. However, the broader markets witnessed buying
interest in the later half which led to a recovery and the Nifty recovered much
of the losses to end tad below 11300, with a loss of about 40 points over
Tuesday’s close. After the sharp sell-off in three trading sessions, the U.S.
markets rebounded sharply which had a positive impact on our markets at opening
of Thursday. Nifty opened gap up and continued the upmove towards the intraday
resistance of 11450. The decline from there was bought into and the index
resumed the momentum in the last hour to end the weekly expiry day around the
high point with gains of one and a half percent. Friday market remained cautious about adverse
news-flows of COVID-19 vaccine trials, an increase in Sino-India geopolitical
tensions and a sharp sell-off in US equities. Recent data shows some
up-tick in activities as suggested by e-way bills data, railway freight data
and digital banking transactions, even as daily COVID-19 cases continue to
increase. sensex closed week at 38854 and
Nifty closed at 11464.
NIFTY: A STRONG SUPPORT WILL BE @ 11000;
STRONG RESISTANCE LEVEL SEEN @11700