NIFTY WEEKLY REPORT & VIEW FOR NEXT WEEK 06 JULY TO 10 JULY 2020

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WEEKLY RESISTANCE FOR NIFTY: 10697, 10804,10973

PIVOT POINT: 10549

WEEKLY SUPPORT FOR NIFTY:  10226, 10130, 10000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 10689, 10785, 10808

PIVOT POINT: 10600

DAILY SUPPORT FOR NIFTY:  10500, 10400, 10300

DAILY CHART FOR NIFTY

We started the week lower as indicated by the Nifty. In the first half, our markets extended this weakness and went on to test the sub-10250 levels. Fortunately, the optimist traders latched on to this opportunity and pulled the market higher to minimise the damage. Tuesday, our markets opened higher as indicated by the Nifty. During the initial hour, we saw gains extending a bit as Nifty inched closer to 10400. However post this, we witnessed a long period of lull and markets were completely unmoved for quite sometime. At the stroke of the penultimate hour, all of a sudden index started correcting and within no time, all gains just disappeared. Fortunately, due to modest recovery at the end, Nifty managed to defend 10300 on a closing basis. Wednesday started the session marginally higher, owing to mixed global cues. However in the initial hour it self, Nifty started moving northwards. Around 10350, there was a brief pause seen in the following hour; but it merely turned out to be a breather as we witnessed a good broad based rally throughout the remaining part of the day. Eventually, Nifty managed to reclaim the 10400 mark on a closing basis. Thursday markets were positive following news of encouraging trials of a vaccine being developed for coronavirus. Indian stock markets today ended at near four-month highs as positive developments in a coronavirus vaccine trial improved global risk sentiment. The Nifty ended 1.17% higher at 10551 . Nifty opened positive on Friday and continued to form higher highs and lows for the fourth consecutive session. It remained consolidative for most of the session and traded in a range of 70 points between 10,562 and 10,631 levels. Finally, the index closed the last session of the week with a gain of around half a percent.

NIFTY: A STRONG SUPPORT WILL BE @ 10200; STRONG RESISTANCE LEVEL SEEN @11000

Nifty witnessed sustainable follow-through upmove in this week, after the firm upside bounce since Wednesday and closed the week higher above 10600 . The trend of Nifty continues to be positive. The next upside resistance to watch will be around 10700-11000, which could be achieved in the next few sessions. Key lower support is placed at 10000.

TECHNICALLY SPEAKING.

On the chart, the Nifty has been trading above its 50-day moving average which is a good sign for the time being and based on which we may see a good move in the upcoming trading session . Nifty is in formation of higher high and higher low pattern which suggest overall structure is bullish and dip can be good buying opportunity. Now on higher side, Nifty has stiff resistance at 10700-10900 zone and support for Nifty is coming near 10400-10200 zone traders. . 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.