WEEKLY RESISTANCE FOR NIFTY: 11950, 12050, 12150
PIVOT
POINT: 11850
WEEKLY
SUPPORT FOR NIFTY: 11750, 11650, 11550
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 12000, 12050, 12100
PIVOT POINT: 11900
DAILY SUPPORT FOR NIFTY: 11850, 11800, 11750
DAILY CHART FOR NIFTY
Markets traded lackluster and settled almost on the flat note, taking a breather after the recent surge. A truncated one-hour 'Muhurat' trading session ended on Sunday on a positive note with gains of 0.37% at 11627. After Monday holiday the new SAMVAT started with a bang as most of the global uncertainty seems to have subsided in last few days. After the Muhurat trading day, we had a gap up opening with a small margin. However, right from the word go, bulls dominated the position and in fact, the momentum accelerated as the day progressed. Eventually, the cheerful Tuesday ended tad below the 11800 mark, adding nearly one and half a percent to the bulls’ kitty. Tuesday’s strong broad based rally was followed by a decent bump up at the opening on Wednesday. However, it was merely a formality as we immediately witnessed index correcting back to its previous close. Fortunately, the correction was restricted within first half an hour and thereafter, index continued its gradual march towards the opening point. Despite some small hiccups in the latter half, index managed to close well inside the positive territory. Thursday morning, the global cues were excellent and the set up was just ideal to have a good head-start for the day. In-line with this, the Nifty opened higher by nearly half a percent and within first 10 minutes of trade, 11900 was on the screen. After this, we had a gradual up move for the major part of the day. However, precisely at the stroke of the penultimate hour, market started giving up its gains rapidly and eventually we pared down decent portion of it to conclude the October series tad below the 11900 mark.
sensex gained 2.9% in the past week. Markets were upbeat on reports of better-than-expected festive sales and slightly better-than-expected Q2FY20 results as well as progress on trade disputes between US and China and a 25 bps rate cut by the US Fed. Global equities were flat or sideways during the week. Market sentiment in the US was more driven by the developments on the US China trade deal. While in recent weeks, the trade talks seemed to be moving in the right direction but during the week, the Chinese have expressed doubts whether long term trade deal is possible, leading to some weakness in US stocks. Market remained volatile on November 1 with Nifty ended first session of November series below 11900. The Sensex was up 36 points at 40165, and the Nifty ended up 13 points at 11890.
NIFTY: A STRONG SUPPORT WILL BE @ 12200;
STRONG RESISTANCE LEVEL SEEN @11800
One should remain
upbeat as long as recent swing low of 11850 is intact. Meanwhile, 11800 – 11700
can be seen as immediate supports and on the higher side, we could see rally
extending towards 11950 – 12000 first or may be beyond 12100 once Nifty manages
to sustain above 11900.
TECHNICALLY SPEAKING.
We reiterate our bullish view on the Nifty index and suggest
continuing with buy on dips approach. However, participants should maintain
extra caution in the stock selection as we’ve already seen a decent rise across
the board. Though almost all the sectoral indices are contributing to the
rally, we feel banking and metal can outshine the others in the near future so
traders should plan their trades accordingly. . The index formed a Doji
candle on the daily chart and a Bullish candle on the weekly scale, which
indicated that the major trend is positive while dips are being bought into on
an immediate basis. Nifty has been forming higher highs and lows on the
weekly scale and supports are gradually shifting higher. Now it has to continue
to hold above 11825 level to witness a bounce towards 11975 level and then
12,000-12,100 zone, while on the downside major support is seen at 11775 and
then 11725 levels.
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