NIFTY WEEKLY REPORT & VIEW FOR NEXT WEEK 29 JUNE TO 3 JULY 2020

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WEEKLY RESISTANCE FOR NIFTY: 10500, 10700,10900 

PIVOT POINT: 10300

WEEKLY SUPPORT FOR NIFTY:  10200, 10000, 9800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10400, 10500, 10600

PIVOT POINT: 10350

DAILY SUPPORT FOR NIFTY:  10250, 10150, 10050

DAILY CHART FOR NIFTY

Nifty continued with the momentum seen in the tail end of last week and began the week on a positive note. However, the index oscillated within a range for rest of the session and ended around the opening level, adding gains of 0.65% to the previous close.  Nifty started trading marginally positive in Tuesday’s session. The initial dip around 10300 in first hour of the trade was bought into and then we witnessed a gradual up move throughout the day. The momentum accelerated in the last hour of the trade with support of index heavyweights and Nifty ended the day with gains of over 1.5%.The index started trading on a positive note on Wednesday, however, after consolidating in a range for first hour of the trade, it corrected upto 10450 mark. We saw a pullback again towards the opening level but the Nifty then witnessed a selling pressure for rest of the session and ended with a cut of about 1.5% around 10300. The U.S. bourses ended deeply in red and the Asian markets too were trading with a negative bias Thursday morning. Nifty was trading with a deep cut, however, our market opened marginally negative and took support around 10200 in first few minutes of opening. The index then pulled higher upto 10350 and then oscillated within this range and ended with a marginal cut of 20 points.The Indian markets were trading higher in Friday's volatile session, Nifty hovered around the 10330-mark.

NIFTY: A STRONG SUPPORT WILL BE @ 10000; STRONG RESISTANCE LEVEL SEEN @10600

Volatility is likely to remain elevated. We remain cautious, but believe reasonable valuations could be used as an opportunity to top up existing investments in a staggered manner. The next week could be the trend deciding sessions. At our end, we still remain hopeful and expect the Nifty not to fall below 9500 now. The immediate supports for the index are placed around 10000 and 9800 whereas 10600 and 10800 are the resistances to watch out for. 

TECHNICALLY SPEAKING.

Nifty approached the level of 10550 which was the trendline resistance of the ‘Rising Wedge’ pattern on the chart, also coincided with the resistance end of a ‘Wolfe Wave’ pattern on the chart of Nifty. The index precisely corrected from this resistance and it ended with a deep cut and has formed a ‘Bearish Engulfing’ pattern. This pattern, at the above mentioned resistance point is a cautious signs for the bulls. The next couple of sessions would be crucial to see how the market reacts hereon. The index has been forming a ‘Higher Top Higher Bottom’ structure and the broader markets have done considerably well in last few sessions. The upmove in index supported by a broader market participation is certainly an encouraging sign and hence, we have been optimistic on the market and have been advising to use dips as buying opportunity. As of now, there are no signs on reversal. Just one caveat that we would like to highlight is the formation of a ‘Wolfe Wave’ structure on chart of Nifty and resistance according to the pattern is seen around 10600-10800. We would see how the index behaves around this juncture in next couple of sessions. Until any reversal signs seen, traders are advised to take a stock specific approach and trade with a positive bias. The supports for Nifty are placed around 10200 and 10000.  Couple of weeks back, we could see confirmation of a positive crossover in ‘RSI-Smoothened’ on the weekly chart. Historically it's proven that when this kind of crossover happens in this oscillator, it has the tendency to give bigger moves and hence, this observation is adding conviction to our optimistic stance. Also, it would be unfair not to throw some light on the ‘Midcap’ index, which has given a remarkable move on Friday and thereby indicates a strong move in the offing.