TO GET LIVE TRADING TIPS WHATSAPP ON 9039542248
WEEKLY RESISTANCE FOR NIFTY: 17500, 17700, 18000
PIVOT POINT: 17300
WEEKLY SUPPORT FOR NIFTY: 17000, 16800, 16600
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 17400, 17500, 17600
PIVOT POINT: 17300
DAILY SUPPORT FOR NIFTY: 17200, 17100, 17000
DAILY CHART FOR NIFTY
Our domestic market started the week on a soft note amid mixed Asian bourses and the sell-off deepened with no sign of a recovery in the benchmark index. A strong sell-off among market participants also dampened sentiment. Finally, Nifty ended the session on the downside, losing about 1.73% for the third straight session to settle at the 17214 level. On Tuesday, the Indian stock market saw a strong whiplash action, with a V-shaped recovery paring the benchmark index's initial losses and putting an end to the selling frenzy. Although Nifty ended the day subdued with a sheer 0.15% gain at 17239, indecisiveness was felt among market participants as heightened volatility mounted and the index hovered near its key support zone. The Indian stock market started with a gap up on Wednesday and remained range bound throughout the day. The benchmark index Nifty50 saw follow-up buying on a strong finish to end the day higher at 17463, gaining 1.14%. The broad-based buying has spread some bullish sentiment across the stock markets. On Thursday, the domestic market rose after the RBI's bi-monthly monetary policy announcement, which met street expectations and maintained the status quo. Strong bullish sentiment spread across sectors, propelling the benchmark index Nifty50 higher to end the day on a firm note. The index is up almost a percent and closed a little above the 17600 mark. Sensex and Nifty were weak in trading on Friday, each falling over 1% on weak global cues. The higher-than-expected US inflation data unsettled investors amid fears of an aggressive rate hike by the US Federal Reserve. US inflation rose 7.5%, a four-decade high, prompting hawkish comments from a Fed official. In Asia, stocks in Shanghai and Japan rose while South Korea, Hong Kong and Australia fell. Sensex fell 773 points to close at 58152; Nifty lost 260 points to finish at 17345. IndusInd Bank, Tata Steel and NTPC were the only top performers while TechM was the top loser.
NIFTY: A STRONG SUPPORT WILL BE @ 17000; STRONG RESISTANCE LEVEL SEEN @ 17800
The benchmark index slipped below the budget day's low ahead of the RBI monetary policy outcome this week, suggesting a sign of caution in the market. Selective blue chips saw a sharp correction, with the bears shrugging off all technical supports. In terms of levels, the 17000 level is the key support for the benchmark, followed by the 16800 swing low, while a break below it could cause major concerns from investors. On the upside, the 50 percent Fibonacci is expected to act as an immediate resistance zone around 17600, followed by 17800 in the near future.
TECHNICALLY SPEAKING
Nifty found resistance around 17635 and slid lower towards the gap in the daily timeframe. A red-body candlestick is visible on the daily timeframe. Once again, the index slipped below the 50 EMA. The trend looks sideways to negative in the short term. On the lower end, support is visible at 17200-17000. On the other hand, Nifty needs to break above 17650 to change the current downtrend.
No comments:
Post a Comment