WEEKLY RESISTANCE FOR NIFTY: 17506, 17689, 18025
PIVOT POINT: 17565
WEEKLY SUPPORT FOR NIFTY: 17444, 17357,
17015
WEEKLY
CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 17410, 17429, 17447
PIVOT POINT: 17340
DAILY SUPPORT FOR NIFTY: 17374, 17356, 17337
DAILY CHART FOR NIFTY
DAILY
CHART FOR NIFTY
After four days of massive hiatus, our markets started the week miserably, factoring in unfavorable global signals. The weakness extended throughout the day with the Nifty slipping further below 17100. Fortunately, some recovery was seen at lower levels and on a modest recovery towards the end the Nifty ended the session down over 1.70%, a bit below the 17200 level. Tuesday's session started on a positive note as indicated by the SGX Nifty earlier this morning. However, the markets immediately lost their lead in minutes. After that, we saw a long consolidation among the key indices, with individual pockets moving on their own. As we entered the last hour and a half of trading, Nifty surged almost to the daily high; but suddenly the market crashed and before anyone knew it all the intermediate supports were destroyed one by one. Selling was so intense that towards the end we almost tested the 16800 level. Finally, the adjusted close was just above 16950. The mayhem of the last hour on Tuesday was followed by a modest gap on Wednesday, which opened on a spectacular overnight rally in US stocks. Around mid-session, Nifty even proceeded to retake the 17200 mark. However, as we re-entered the last few hours of the session, the market started to get a bit timid. Fortunately, it wasn't any closer to weakness on Tuesday as Nifty maintained its position well within positive territory to close for percentage gains. Wednesday's break was followed by a decent gap to the upside on Thursday on positive indications from most global peers. Throughout the day, overall attendance from some of the missing heavyweights such as IT, autos and banking surged. As a result, we saw good sustained bullishness throughout the day to finally close the penultimate weekly decline around 17400, adding another 1.50% to the bull kitty. The market indices snapped out of its two-day winning streak and ended over lower on Friday weighed by market heavyweights Infosys, ICICI Bank and HDFC Bank. The Sensex fell 714 points to settle at 57197 while the Nifty declined 220 points to end at 17171.
NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL
SEEN @ 17800
Indian
equity markets have been volatile over the past seven months, seeing wide
swings on both sides amid headwinds from geopolitical tensions, high commodity
prices and record inflation. Bulls are looking for corporate earnings reports
to take focus off the inflation spurt. Nifty is expected to consolidate between
16500 and 18500 over the next few months.
TECHNICALLY SPEAKING
Markets reversed yesterday's gain, shedding nearly a percent and a half on weak global leads. The hawkish statement from the US Federal Reserve depressed sentiment around the world, including in our markets. The benchmark attempted to erase some of its losses midway after the gap-down start, but selling pressure in the second half pushed the index to daily lows. Finally, the Nifty Index closed at 17171; down 1.3%. In line with trend, most industry indices closed lower, with metals, banks and healthcare being the top losers. Markets will react to the ICICI Bank figures in early trading on Monday. Additionally, global alerts such as updates on the Russia-Ukraine crisis and China's COVID situation will also remain on attendees' radars. The drop in the Nifty index has faded hopes of a directional move and we may see further consolidation ahead. Among all, participants should focus more on overnight stock selection and risk management.
No comments:
Post a Comment