WEEKLY RESISTANCE FOR
NIFTY: 11100, 11200, 11300
PIVOT
POINT: 11000
WEEKLY
SUPPORT FOR NIFTY: 10900, 10800, 10700
WEEKLY CHART FOR NIFTY DAILY RESISTANCE FOR NIFTY: 11100, 11150, 11200
PIVOT POINT: 11035
DAILY
SUPPORT FOR NIFTY: 11000, 10950, 10900
DAILY CHART FOR NIFTY
Nifty clocked its longest stretch of
weekly gains since November. Reversing a steady start to the week, the
market went down on Friday but finally closed marginally higher. The Sensex
ended 1.68% higher this week at 36671 and the Nifty ended above 11000 at 11035
after gaining 1.58 %this week. After an extended weekend, our
markets opened flat on Tuesday despite SGX Nifty suggesting a gap down opening.
During the initial trade, Nifty dipped a bit; but after this what we witnessed
is ‘Once in a Blue Moon’ kind of scenario. This early morning decline was bought
into and then we had a good one way up move throughout the session to conclude
at the highest point of the day by adding over a percent to the bulls’ kitty. Tuesday’s
strong move was followed by a gap up opening on Wednesday as indicated by the Nifty.
Subsequently, index consolidated for the remaining part of the day by
maintaining its positive posture throughout the day. Eventually, index ended
the session above the 11000 mark by adding over half a percent gains. Thursday had
a gap up opening by a small margin yesterday in the absence of any major
trigger on the global as well as well domestic front. Index then slipped into a
consolidation mode for the major part of the day. Last couple of hours saw some
momentum; but there was no clear direction seen as we were approaching the
expiration of weekly options contract in Nifty and Bank Nifty. Eventually,
Nifty ended the session with negligible gains by successfully defending the
11050 mark. Friday market closed off its
lows amid range bound session due to lack of cues.
NIFTY: A STRONG SUPPORT WILL BE @ 10900; STRONG
RESISTANCE LEVEL SEEN @11200