WEEKLY RESISTANCE FOR NIFTY: 18000, 18250, 18500
PIVOT POINT: 17750
WEEKLY SUPPORT FOR NIFTY: 17500, 17250,
17000
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 17950, 18050, 18150
PIVOT POINT: 17850
DAILY SUPPORT FOR NIFTY: 17750, 17650, 17550
DAILY CHART FOR NIFTY
Monday
morning, the global screen was extremely terrible and in line with SGX Nifty,
we started the week around the 17450 mark. Surprisingly, after the initial
hiccup, we witnessed a v-shaped recovery not only to erased losses but also to
trade in the green above 17600. However, it could not decouple itself from the
global peers for a long time as the markets took a U-turn post the mid-session,
to finally sneak below 17400 on a closing basis.After few days’ of hammering,
we were seeing some relief across the globe early in the Tuesday morning. In
line with this, our markets too opened slightly higher. However post the
initial hour, the selling once again reinforced across the board, resulted in a
sharp decline towards the 17350 mark. Fortunately, the bears exhausted a bit
there and its counterparty took the charge from thereon to pull the markets
higher. In fact, the buying momentum accelerated as the day progressed to
eventually conclude the session with nearly a percent gains by reclaiming
17550.We had a flat to positive start on Wednesday in line with mixed global cues. However during
the remaining part of the session, the index did nothing as it literally kept
vacillating within a slender range with no clear direction as well as momentum.
Eventually Nifty ended tad below 17550 with negligible losses. Global markets
have seen a relief rally after some bumpy rides recently and this has brought
back optimism in our market as well. We started the thurday with a decent gap
up owing to favourable global cues. In fact as the day progressed, the momentum
kept accelerating across the board to eventually register a new high
convincingly beyond the 17800 mark.Taking cues from global peers amid lingering
concerns about China Evergrande, Indian indices pared early gains even as they
closed higher on Friday. Scripting a record, Sensex rose 163 points or 0.27% to
end the week at 60048, while the Nifty
was up 30 points at 17853.
NIFTY: A STRONG SUPPORT WILL BE @ 17000;
STRONG RESISTANCE LEVEL SEEN @ 17500
Nifty
closed the week at 17850 zone with gains of one & half percent on weekly
basis and formed a bullish candle on the weekly chart for a second consecutive
week. For upcoming session, index has shifted its support zone to 17750-17650,
so any dip near mentioned support zone will be again fresh buying opportunity
with keeping stop out level below 17650 zone & if said levels are held we
may see the index march towards 18k mark, resistance is still placed around 17900-18,000
zone where traders can lock some of their long gains.
TECHNICALLY SPEAKING.
Crossing
the 60k mark is another milestone for the market. We could see many more
positive surprises from the market in the next one-two years, as we are
entering into a positive upcycle of earnings trajectory. The overall market
trajectory continues to be positive, and dips should be utilized to build
long-term positions in quality companies for more sustainable returns. A
quality theme is back in focus, and we continue to see the broader market doing
well, as the visibility on broad-based earnings is still intact. A fully
functional economy over the upcoming festival season and the sustenance of
earnings momentum in Q2 FY22 are the near-term triggers for the market. The
market witnessed some volatile movements after Nifty was able to breach the
level of 17,850. Our research shows sustaining above 17850, we expect the
market to gain momentum, leading to an upside projection till 18,000 level. We
have observed the momentum indicators like RSI and MACD to stay positive and
market breadth to improve, further strengthening a short-term bullish outlook.
No comments:
Post a Comment