NIFTY WEEKLY REPORT & VIEW FOR NEXT WEEK 15 JUNE TO 19 JUNE 2020

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WEEKLY RESISTANCE FOR NIFTY: 10000, 10200,10500
PIVOT POINT: 9900

WEEKLY SUPPORT FOR NIFTY:  9800, 9600, 9400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10000, 10100, 10200

PIVOT POINT: 9950

DAILY SUPPORT FOR NIFTY:  9900, 9800, 9700

DAILY CHART FOR NIFTY

Nifty opened with a gap up on Monday in line with strong global cues, but failed to surpass its crucial hurdle at 10,333 level. It consolidated in the initial hour of trade, but gradually drifted towards the 10,150 level in the latter part of the day.  Tuesday’s session once again saw Nifty start near the 100-DMA, which currently stands at 10276. After testing the day’s high near 10,291, Nifty came off over 250 points from the high point of the day. While showing no intention to recover, the headline index ended near the low with a net loss of 120 points. Wednesday market ended in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank. Nifty ended at 10,116, up 69 points . Thursday market had opened higher, shrugging off worries over the US Federal Reserve's grim outlook for a speedy economic recovery. However, the opening gains were soon erased as fears of a second wave of coronavirus and the Supreme Court's (SC) observations in the adjusted gross revenue (AGR) case weighed on market movers. the Sensex fell 708 points, to 33538, Nifty settled 214 points lower at 9902. Friday Indian markets made a dramatic intra-day comeback to end higher. The Sensex closed 242 points higher at 33780 after being down about 1200 points at day's low. A positive start in European markets, coupled with strong gains in index heavyweight Reliance Industries, powered the recovery. Dow futures were up about 600 points. The broader Nifty today settled 0.7% higher at 9972, recovering from day's low of 9544.

NIFTY: A STRONG SUPPORT WILL BE @ 9700; STRONG RESISTANCE LEVEL SEEN @10200

Nifty scaled 9950 again amid high volatility, At Technical front, Nifty opened on gap down note at 9561 and took support form it’s 21 DMA and showed smart recovery from the bottom and managed to close near 10000 level at 9972 level which points out strength in the index. Momentum Indicator RSI reading at 59.62 with positive crossover which points out strength in the index. At present level index has having good support at 9500  level while resistance comes at 10200 levels.

TECHNICALLY SPEAKING.

The likelihood of a possible second wave of the coronavirus infections in the US, along with the Fed’s grim growth outlook for the year has stoked risk aversion globally, and that has put pressure on the market.Nifty witnessed a huge gap down opening on Friday on account of the global cues. The index opened near its crucial short term moving averages, which attracted buying interest in the market. Consequently, the index saw steady recovery as the day progressed. The intraday recovery halted near the key hourly moving averages that restricted the index from climbing above the psychological mark of 10,000. The major contributor to this gain was Reliance Industries which was also supported by technical bullishness. The weekly chart is showing signs of weakness as the index has formed a bearish outside bar near the key weekly moving averages. Thus the recent high of 10328 becomes a major hurdle for the Nifty. On the flip side, today's low of 9550 will assume the role of a short term support. Currently, market seems to be driven by global cues and stock specific action will be the norm. The key takeaway from today's trading day was that we did not breach the levels of 9,640 on closing basis. What was also important is that we went past 9850 which was a resistance level. Next week is going to be a trend decider week - either we would achieve an upside target of 10200-10250 or go back down to test today's lows of 9550-9600.