NIFTY WEEKLY REPORT & VIEW FOR NEXT WEEK 11 MAY TO 15 MAY 2020

WEEKLY RESISTANCE FOR NIFTY: 9500, 10000,10500

PIVOT POINT: 9000

WEEKLY SUPPORT FOR NIFTY:  8800, 8500, 8000
WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9500, 9700, 10000

PIVOT POINT: 9100

DAILY SUPPORT FOR NIFTY:  8800, 8600, 8400

DAILY CHART FOR NIFTY

Our markets started the new trading week with a massive gap down of 400 points. In fact, the selling momentum continued throughout the remaining part of the day to eventually conclude tad below the 9300 mark by shedding more than 550 points. Monday’s massive cut was followed by a good bump up at the Tuesday opening; courtesy to some relief move in global peers. This was followed by some consolidation in the first half as index kept flirting slightly above Monday’s close. However, in the latter half, the selling momentum aggravated across the board and as a result, the Nifty not only pare down all gains but also went on to close with a cut of nearly a percent. After two days’ of pain, we started marginally in the green on Wednesday. But it was merely a formality as we saw index taking a nosedive in initial trades. At one point, things looked extremely bleak as we hastened towards 9100 within a blink of an eye. Fortunately, a strong buying at lower levels lifted markets higher. During the second half, there were some wild swings seen on both sides but the bias remained positive and as a result, Nifty concluded well above the 9200 mark. Thursday morning, our markets opened flat and then immediately fell in-line with SGX Nifty. During the initial hour, we saw some marginal recovery, but this rebound immediately got sold into. During the remaining part, the Nifty consolidated in a slender range to conclude the weekly expiry precisely at 9200.Indian domestic market ended in green on Friday after erasing most of the morning gains. sensex ended 200 points higher & nifty ended the week near 9250 mark.

NIFTY: A STRONG SUPPORT WILL BE @ 8500; STRONG RESISTANCE LEVEL SEEN @10000

it was very much unlike week as there was no real action during the week. And hence, when there is no major movement on a particular day (especially on Thursday), it becomes a nightmare for traders. Since we didn’t have any notable move, the chart structure remains as it is and hence, there is no change in intraday. We remain hopeful as long as a key support zone of 9000-8500 is not violated. On the upside, resistances are seen at 9500 followed by 9800. A sustainable move beyond this would trigger a good upmove to test the sturdy wall of 10000 - 10500.

TECHNICALLY SPEAKING.

Clearly, our markets are struggling at higher levels . The kind of v-shaped recovery we witnessed on Thursday & Friday, it clearly suggest that the bulls are not giving up and have managed to defend the crucial support of 9100 convincingly. With Thursday’s move especially financial stocks which are among the culprits of late, have shown some signs of revival. And hence, we continue to remain hopeful as long as Nifty manages to hold the sacrosanct support zone of 9000-8500 on a sustainable basis. On the flipside, hurdle can be seen at 9500. A sustainable move beyond this would trigger a good upmove to test the sturdy wall of 10000 - 10500. As of now, we hope things do not worsen from here and Nifty manages to find support in the zone of 9000-8800 levels. Traders are advised to stay light and keep a close eye on above mentioned scenarios.