NIFTY WEEKLY REPORT & VIEW FOR NEXT WEEK 26 MAY TO 29 MAY 2020

WEEKLY RESISTANCE FOR NIFTY: 9600, 9700,9800
PIVOT POINT: 9500

WEEKLY SUPPORT FOR NIFTY:  9400, 9300, 9000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 9600, 9650, 9700
PIVOT POINT: 9550

DAILY SUPPORT FOR NIFTY:  9500, 9450, 9400

DAILY CHART FOR NIFTY

Post the extended weekend, our markets opened on a positive note near the 9100 mark. The index inched higher in the first halfan-hour, but it gradually gave up the gains in rest of the session and ended the day on a flat note. Wednesday Nifty opened marginally positive around 9080 and corrected in first half an hour to test the support of 9000. From this support, we witnessed buying interest and the index rallied throughout the day to end with gains of over 3%. Thursday our markets showed strength and have witnessed a decent catch up move from the key support of 9000. Wednesday’s massive rally was followed by yet another smart day of trade to conclude the May contract at the highest point of the series (on a closing basis). The Nifty made a sharp recovery after being sideways for the greater part of the friday. We broke out of an intra day range of 9420-9520 and moved higher to levels closer to 9600. The market also managed to cross its recent high of 9585 which was recorded on 13th May 2020. Nifty closed the first day on June series above 9550 level. At close, the Sensex was up 223 points at 32424, and the Nifty was up 90 points at 9580.

NIFTY: A STRONG SUPPORT WILL BE @ 9000; STRONG RESISTANCE LEVEL SEEN @10000

we are standing at a crucial juncture now and hence, the coming session would probably set the next path of action for our markets. As far as levels are concerned, 9600- 9700 remains to be an important hurdle for Nifty, it would be crucial to see whether we manage to surpass this hurdle or not. Any sustainable move beyond this would certainly trigger a strong upside move in the market; whereas on the flipside, 9000 becomes a make or break level now.

TECHNICALLY SPEAKING.

Post some hiccup in Tuesday Wednesday session, the markets witnessed good momentum from its support of 9000 on Thursday & Friday..  At the start of the week, we carried our bullish inclination after observing a positive divergence in RSI Smoothened in the hourly chart nifty. This anticipation played out well and with weakest link (banking space) taking the charge, the Nifty got elevated towards 9550 before anyone could realise. Nifty has now reached to our immediate target of 9600 - 9700, but the way charts are shaped up, we expect the Nifty to enter a downside gap area of 9530-9730 created on May 04, 2020. On the flipside, 9350 followed by 9250 would now be seen as a sacrosanct support. The level of 9800-10000 should be achieved sooner than later.