WEEKLY RESISTANCE FOR NIFTY: 19850, 19950, 20050
PIVOT POINT: 19800
WEEKLY SUPPORT
FOR NIFTY: 19750, 19650, 19550
WEEKLY CHART FOR NIFTY
The bounce in Indian stocks was clearly
visible amid favorable global cues as the benchmark index rose above 19,500 at
the opening bell on September 4, 2023. However, the bulls refrained from
capitalizing on the lead as Nifty was at the key crucial resistance zone and
patiently waited for a decline. And once a slight decline was seen, the bulls
seized the opportunity and rallied strongly to regain their presence. Amid the
choppy but upbeat trading day, the Nifty50 index ended the session confidently
above 19500 and recorded a gain of 0.48% to start the new week. The Indian
stock market continued its upward trend for the third consecutive session on
September 5, 2023, with broad-based buying reflecting optimism. The benchmark
Nifty50 index saw some volatility but remained higher throughout the day, with
an interesting bullish undertone. Amid the choppy and lackluster trading
session, Nifty maintained its winning streak and settled slightly below 19600,
registering a gain of 0.24%. GIFT Nifty took cues from the mixed global
bourses and pointed to a mild opening for our markets, reflecting that the
benchmark Nifty50 index started the September 6, 2023 session subdued. As the
day progressed, the Bulls decided to take some money off the table and decided
to remain spectators. By the end of FAG, there was an intense wave of buying
that caused the index to rise to intraday highs. Amid the trading
rollercoaster, the Nifty50 index continued its winning streak and settled a
little above 19600, up 0.18% on the day. The Indian stock market witnessed a
brilliant weekly exit session on September 7, 2023, with the benchmark index
shooting up the bearish gap on the daily time frame. Strong buying volumes in
the broader markets and participation from heavyweights have fueled optimism in
the markets. Barring any initial hiccups, bulls firmly took over the markets
and headed north throughout the day. Finally, the Nifty50 index ended the
session well above 19700, registering a gain of 0.59 % . The benchmark
indices ended the week today, September 8, 2023, just a few percent away from
the record highs in the run-up to the G20 summit, buoyed by good support from
the Bank Nifty (on positive news from the RBI) as well as the PSU and
Infrastructure stocks. Despite a weak monsoon, market sentiment was upbeat as
PSU stocks across sectors showed positive interest from investors. India's
benchmark indices closed higher for the sixth straight session on September 8,
with the Nifty above 19800. At the end, the Sensex rose 333 points to 66598 and the Nifty rose 93 points to 19820.
NIFTY: STRONG SUPPORT& STRONG
RESISTANCE LEVEL
On the upside, we expect 19875, which is around the swing
high reached in July. In terms of levels, 19650-19700 is expected to act as a
crucial support zone while 19850-19950 is expected to act as an immediate
hurdle zone.
TECHNICALLY SPEAKING
Technically, the Nifty is holding a higher
floor formation after a promising reversal pattern and is trading comfortably
above the 50- and 20-day SMA (Simple Moving Average), which is largely
positive. A long bullish candle has also formed on the weekly charts,
supporting further uptrend from current levels. For trend-following traders,
19750-19550 would be the key support levels and above that it could rise until
19975. Further upside could take the market to 20000. On the other hand, the
uptrend would be vulnerable below 19500 and could see a short-term correction
to the 50-day SMA or 19400-19200.
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