WEEKLY
RESISTANCE FOR NIFTY:11700,11800,11900
DAILY RESISTANCE FOR NIFTY: 11650,11700,11750
What a
fantastic Friday it was for the bulls! The Nifty future managed to
end well above 11600 -mark. Bulls & bears were on roller-coaster ride in
this past week. Markets went off the rails as Sensex and Nifty shed around a percent. After opening the week on a flat note at
11755 nifty futures went down to 11437 on Wednesday, but in Thursday’s session
bulls shown some strength & took nifty above 11600 mark. Finally nifty
future has closed at 11634 marks on Friday. A strengthening rupee also helped
the market recover. Cooling off of oil prices and some reported dollar selling
by private banks erased some losses for the currency.
NIFTY: A STRONG SUPPORT WILL BE @ 11400; STRONG RESISTANCE LEVEL SEEN @11700
PIVOT POINT: 11500
WEEKLY SUPPORT FOR NIFTY
: 11400,11300,11200
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11650,11700,11750
PIVOT POINT:11600
DAILY SUPPORT FOR NIFTY : 11550,11500,11450
DAILY CHART FOR NIFTY
What a
fantastic Friday it was for the bulls! The Nifty future managed to
end well above 11600 -mark. Bulls & bears were on roller-coaster ride in
this past week. Markets went off the rails as Sensex and Nifty shed around a percent. After opening the week on a flat note at
11755 nifty futures went down to 11437 on Wednesday, but in Thursday’s session
bulls shown some strength & took nifty above 11600 mark. Finally nifty
future has closed at 11634 marks on Friday. A strengthening rupee also helped
the market recover. Cooling off of oil prices and some reported dollar selling
by private banks erased some losses for the currency.
We need to
see a decisive breakout above the zone between 11650 and 11750 to see any
sustainable recovery. Again, we ought to monitor the psychological support
level around the 11500-mark for that if breached, on the downside, on high
volume activity then the index is headed for a test of the major support area
between 11450 and 11350.Broad range for the week is
seen from 11450 on downside & 11795 on upside.
TECHNICALLY SPEAKING.
In
general scenario, the broader market falling towards the fag end of the day
with such a velocity is considered to be an alarming sign. If we analyze the
chart, we can clearly see this correction as a profit booking move. Now, it is
important to see how market behaves in the subsequent session. Intraday
supports are placed at 11500 – 11400 and in case of extending profit booking
also, we would not call it a complete trend reversal. For us, this market still
remains to be a ‘buy on dips’ kind of market and hence, without hesitating
much, we would use this decline to buy into with slightly positional
perspective. As far as resistance levels are concerned, 11680 followed by 11750
would be seen as intraday hurdles. The Relative Strength Index
(RSI) on the daily chart is 55.6154 and it remains neutral showing no
divergence against the price. The daily MACD stays bearish while trading below
its signal line. On the candles, a not-so-classic candle with a long lower shadow
occurred. The shadow is not long enough to be called a classical long lower
shadow.
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