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WEEKLY RESISTANCE FOR NIFTY: 10900, 11100, 11100
PIVOT POINT: 10800
WEEKLY SUPPORT FOR NIFTY: 10700, 10600, 10500
it was a premature end of the "santa rally ". Today market was seems like bulls packing their
bags for Christmas vacation. We have seen a pre-Santa Claus rally in the
sense that last seven or eight sessions, the indices have run up from the lows.
From Thursday onward, we have seen some sort of correction and that correction
is of that earlier upmove. Market is reverting to
mean after outperforming for several days also Rumors about govt giving sweeping powers to 10
agencies for surveillance & Unwinding
ahead of year-end holidays; investors taking profit off in view of global
uncertainties. on week ended friday Sensex tanks over 700 points, Nifty came below 10,750 mark. Nifty started the trading week on a cheerful
note. This was followed by some consolidation; but once again good buying
emerged in the penultimate hour to extend this lead to conclude the session tad
below the 10900 with decent gains of nearly eight tenths of a percent. In Tuesday’s second session Dow Jones had more
than 500 points drop to close around the lowest point of the current calendar
year. This sell off was triggered with the fear of fed announcing rate hike for
the last time this year. This had a rub off effect on our market. However, we
must appreciate the fact that our markets are showing tremendous resilience and
hence, we did not have the major damage. In fact, post the sluggish first half,
we saw strong buying emerging at lower levels due to which index shaved off all
losses and eventually went on to close above the 10900 mark with nominal gains.
On Wednesday we did not see major momentum during the day, index managed to
close above its recent high with broader market participating to a greater
extent. Thursday’s weak session was a
knee-jerk reaction to the relentless selling in US markets post the FOMC meet.
Subsequently, the index remained under pressure for the major part of the session.
However, quite similar to the recent trend, index recovered during the latter
half and pared down almost all losses to close on a flat note. The domestic
equity market ended the day on a flat note despite a weak opening.
NIFTY: A STRONG SUPPORT WILL BE @ 10600;
STRONG RESISTANCE LEVEL SEEN @11100
What a spectacular trading week it was for our
markets. It feels like nifty was dancing to the global tunes and we feel it'll
continue in the near future, in absence of any major event on local front. Initially, we saw index starting the week
marginally lower and then extending the weakness to sneak below the 10700 mark.
However, from the very next day, there was strong buying witnessed at lower
levels which aggravated to clock handsome gains of over six tenths of a percent
to reclaim the 10800 mark with some authority. On November expiry day nifty
traded on bullish note & ended the session with decent gains thanks to
favorable local cues and supportive global markets. the nifty surged 94 points
to 10824. The market started off
January series on a strong note with the Nifty closing above 10850 levels amid
thin trade, extending gains for third consecutive session on Friday.
