WEEKLY RESISTANCE FOR NIFTY: 17200, 17500, 17700
PIVOT POINT: 17000
WEEKLY SUPPORT FOR NIFTY: 16800, 16600,
16400
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 17100, 17200, 17300
PIVOT POINT: 17000
DAILY SUPPORT FOR NIFTY: 16900, 16800, 16700
DAILY CHART FOR NIFTY
After
Friday’s mayhem, the global markets looked in a recovery mode and in line with
this, the SGX Nifty too indicated a decent gap up by nearly 100 points. Our
markets shrugged off this positivity and decided to start the week with nominal
gains. In fact after this, we had a small bout of dramatic trades in our
markets. During first 10 minutes, Nifty tanked nearly 300 points and
immediately in next 10 mins, all losses just disappeared. After this, there was
no major activity seen in key indices as they remained in a tight range to conclude
the session around the opening levels. We had a
muted start for the Tuesday in the absence of any major trigger on the global
as well as domestic front. Immediately, the bulls geared up to lift market
higher in the initial trades. Within first one and a half hour of the session,
Nifty was back to 17300 with handsome gains. However, the global peers became
nervous all of a sudden which resulted in a complete nosedive in our markets
too. Within no time, it not only erased all gains but also managed to send
Nifty slightly below the 17000 mark. This was followed by some consolidation
with mild recovery; but once again the tail end correction poured complete
water on this attempt to conclude the session below 17000 for the first time after
August 30, 2021. Tuesday’s
tail end correction was followed by a decent gap up opening in our market on Wednesday;
courtesy to some cooling off in global market. The lead extended in the initial
trade to hasten towards the 17200 mark. However after this Nifty remained in a
band of nearly 100-120 points as we saw Nifty testing both ends (lower as well
as higher) on a couple of occasions. Eventually, it ended in favour of the
bulls as Nifty concluded the session above 17150 by adding more than a percent
gains. Thursday Market ended higher
for the second consecutive session on 2 December 2021 with Sensex gaining more
than 700 points. At close, the Sensex was up 776 points at 58461, and the Nifty
was up 234 points at 17401. Bulls held the upper hand today as Indices sprinted
over a percentage led by the IT Index during afternoon trade. As the volatility
index cooled off today, we witnessed stock-specific action across sectors in
the broader markets buoyed by GDP & GST data together with cooling Energy
prices. Advance - Declines showed a marked improvement today with most of the
sectoral indices ending in the green. On Friday market broke the two-day
winning streak and ended lower with Sensex closing below 58000 mark. At Close,
the Sensex was down 764 points at 57696, and the Nifty was down 205 points at
17196.
NIFTY: A STRONG SUPPORT WILL BE @ 16800;
STRONG RESISTANCE LEVEL SEEN @ 17500
Levels of 16800 and 17700 may act as an important support and resistance
respectively. We can expect it to trade in the range of 17100-17500. Technical
indicators also support positivity in the market.
TECHNICALLY SPEAKING
The index is currently
trading within its resistance zone of 17100-17350. It would need to cross this level for a positive short term trend to emerge. Once that happens we
could expect higher levels of 17600-17800. Until that does not happen, the bias
continues to remain on the sell-side and traders should be watchful and
cautious. If the market turns from here and breaks 17000, we would revisit the
recent lows.
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