WEEKLY RESISTANCE FOR NIFTY: 19600, 19700, 19800
PIVOT POINT: 19500
WEEKLY SUPPORT
FOR NIFTY: 19400, 19300, 19200
WEEKLY CHART FOR NIFTY
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The first session of 3 july 2023 GIFT NIFTY (formerly known
as SGX NIFTY) had a strong start, which influenced the Nifty benchmark index to
open with a gap up for the third consecutive time. Overall, the market
sentiment remained positive, with trading activity mostly staying within a
certain range. However, prices ended on a high note, registering a comfortable
gain of 0.70% and closing above 19300. The bullish trend continues as the
winning streak extends for the fifth straight session. After a period of
consolidation, the market has quickly surged by over 650 points since last Monday's
low. Despite muted morning sentiments across the board of 4 july, the benchmark
index Nifty experienced fourth consecutive session with a gap-up opening.
However, unlike the previous sessions, prices dipped during the morning
session, erasing the initial gains. Nevertheless, there was a strong recovery
later on, surpassing the morning highs. There was some tentativeness in the
market at higher levels, as the choppy session ended with a modest gain of
0.34%, a tad below 19400. The Nifty benchmark index began the 5 july 2023
session without any significant catalyst, resulting in a flat start. This was
followed by a period of consolidation, during which prices remained within a
narrow range of less than 100 points. In the penultimate hour, there was some
profit booking, but with late buying activity, Nifty managed to end the day
with slight gains, closing just below the 19400 mark. Tracking the sluggish
sentiments across the board on 6 july, the Nifty benchmark index opened on a
flat note, but prices quickly began to rise, surpassing the previous all-time
high set on Tuesday. Although there was a period of consolidation afterward,
another round of buying in the final hour of trading pushed Nifty to close just
below 19500, achieving another half-a percent gains. Markets took
profits on Friday 7 july 2023, losing nearly a percent on the back of weak
global signs. After the initial downtrend, Nifty tried to climb slightly
higher, but pressure from major index constituents across sectors pushed the
index lower throughout the day. As a result, it settled closer to the daily low
at 19331. Most sectors ended lower, with FMCG, real estate and energy among the
biggest detractors. The broader indices were also down, falling in the 0.5% to
0.9% range. Benchmark indices closed lower on July 7 with Nifty around 19300
amid selling across all sectors except auto and PSU banks. Finally, the Sensex
lost 505 points to 65280 and the Nifty fell 165 points to 19331.
NIFTY: STRONG SUPPORT& STRONG
RESISTANCE LEVEL
The immediate support level has shifted up towards 19,200-19,000 while
the immediate reciprocal retracement targets lie around 19,600-19,800. The drop
swallowed up Thursday's bullish move and hints at the possibility of impending
consolidation at Nifty. The key is to manage positions in the midst of the
consolidation phase as we generally see volatility swings. We therefore
recommend controlling position size and following strict risk management rules.
TECHNICALLY SPEAKING
The Nifty experienced a significant decline after failing to
maintain its position above 19500. This drop led to the index falling below the
21EMA on the chart, indicating an increasing bearish sentiment in the
market. Furthermore, the hourly RSI has shown a bearish crossover, adding
to the negative outlook. The immediate support level is identified at 19300,
while the resistance level remains at 19500.
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