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WEEKLY RESISTANCE FOR NIFTY: 18400, 18500, 18600
PIVOT POINT: 18250
WEEKLY SUPPORT FOR NIFTY: 18150, 18050, 17900
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 18350, 18400, 18450
PIVOT POINT: 18300
DAILY SUPPORT FOR NIFTY: 18250, 18200, 18150
DAILY CHART FOR NIFTY
Its was week of new day's new highs 18300 is the new milestone of Nifty in this new week !!! Nifty started the week on a flat note and marched higher with the support from the banking heavyweights. It finally tested the 18000 mark which market participants were much awaited for. However, during the later part on Monday the nifty gave up some of the morning gains and ended around 17950 with marginal gains of about three-tenths of a percent. Nifty finally conquered the 18000 mark during the day which has been a remarkable journey post the Covid led fall in the last year. Although the IT space which has done remarkably well in this uptrend corrected Monday post the quarterly results of TCS, the banking took the charge Monday and led to markets to achieve the milestone. On Tuesday the global markets witnessed some correction and in line with the same, the SGX Nifty hinted at a negative opening for our market. Nifty started the day marginally negative and sneaked below 17900 before noon. However, the index then recovered from the lows and rallied to end the day around the 18000 mark. Nifty continued its momentum with a gap up opening on Wednesday around 18100 mark. It maintained its positive bias throughout the day and ended with gains of almost a percent above 18150.on Thursday benchmark indices extended the record rally in the sixth consecutive session with Sensex and Nifty ended at fresh record closing high. At close, the Sensex was up 568 points at 61305, and the Nifty was up 176 points at 18338.
NIFTY: A STRONG SUPPORT WILL BE @ 17800; STRONG RESISTANCE LEVEL SEEN @ 18500
Considering the recent behavior of the market, it is pretty clear that the bulls are not willing to let loose their firm grip so easily. But we reiterate it is that sort of phase of the market, which may not be easy to participate in. We are not at all convinced trading aggressively on the long side at this moment, yes there could be odd thematic moves that can be focused on but do not want to go all guns blazing at such elevated levels. . The immediate supports for Nifty are placed around 17900, 17800 and 17700 while resistance is seen around 18500. Is is advisable to continue with a stock specific approach and trade with a watch on the above mentioned levels.
TECHNICALLY SPEAKING
Eventually Nifty ended the week around the 18300 mark, which is the highest ever close for our markets. Considering the recent behavior of the market, it is pretty clear that the bulls are not willing to let loose their firm grip so easily. But we reiterate it is that sort of phase of the market, which may not be easy to participate in. We are not at all convinced trading aggressively on the long side at this moment, yes there could be odd thematic moves that can be focused on but do not want to go all guns blazing at such elevated levels.index closed the week at 18,339 with gains of two & half percent and formed a bullish candle on the weekly chart for the second consecutive week. Now immediate supports are coming near 18,250 followed by 18,170 zone and any dip near mentioned supports zone will be again fresh buying opportunity for the overall targets of 18,500 zone. The market witnessed the continuation of a positive trend, after sustaining above the level of 18250. Research suggests that if the market sustains above the level of 18200-18250, the positive momentum to continue, leading to an upside projection till 18550-18600 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
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