WEEKLY RESISTANCE FOR
NIFTY: 10930, 11000, 11100
PIVOT
POINT: 10800
WEEKLY
SUPPORT FOR NIFTY: 10700, 10600, 10500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY:
10930, 10975, 11050
PIVOT POINT: 10850
DAILY
SUPPORT FOR NIFTY: 10800, 10750, 10700
DAILY CHART FOR NIFTY
This week was certainly an astounding week
of trade for our markets. Who would have thought at the starting on week that
the session is going to come with loads of surprises? In-line with Nifty, we
started marginally higher at 10700 and then remained a bit sluggish in the
initial day. But post this; all of a sudden strong buying emerged in the
market, which accelerated as the week progressed. Eventually, this spectacular week
ended with whopping gains of 300 points to bring back wider smile in traders’
fraternity. The week has ended higher but off day's high with Nifty ended near
10900 level post Interim Budget presented by Finance Minister Piyush Goyal.
The Modi government has seemingly once again managed to defy the convention by
pulling off a Budget, which seems more in the nature of a full budget rather
than an interim budget.
The week has started on positive note. However soon index resumed its
corrective mode and thereafter, continued its southward move to sneak below key
support levels. Some respite was seen during the last hour of the trade but
eventually index closed convincingly below the 10700 mark on Monday. Tuesday
had a sluggish start as indicated by the Nifty early in the morning. During the
first half, there were couple of attempts made to inch towards the 10700 mark;
however due to strong selling at higher levels, these attempts got sold into.
In fact, post the midsession, the selling aggravated to eventually push the
Nifty below 10600. Fortunately for us, an emergence of strong demand at lower
levels during the penultimate hour resulted into a v-shaped recovery to reclaim
10650 on a closing basis. Wednesday's volatile trading session has ended on
negative note on account of the Union Budget 2019 & F&O expiry on
January series. Sensex ends flat at 35591 ahead, Nifty settled at 10652. The
Nifty opened higher at 10702 and touched an intraday high of 10710, but wiped
out gains in late morning deals to hit day's low of 10612 and remained
rangebound for rest of the session. Traders also await Federal Reserve's
two-day meeting outcome on Wednesday night. Thursday Just a day before the
Budget presentation, markets logged strong gains the Nifty closed 179 points
higher to settle at 10831.
