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: 11075, 11150, 11225
PIVOT POINT:11000
DAILY SUPPORT FOR NIFTY : 10950, 11875, 10800
DAILY CHART FOR NIFTY
During this
week, the index has seen high volatility wherein initially the index recovered
sharply from the recent swing low, and has now given up some of these gains in
last couple of sessions. However, if we look at the short term charts, it seems
that the Nifty has completed its corrective phase during last week and after
rallying about 500 points from the low in just three sessions, the index is
showing a pullback move. A slew of
announcement from FM Sitharaman on last Friday evening caused massive gap up
opening of the week. However, immediately index lost this early morning lead
which was a knee jerk reaction of escalated trade war between the US and China.
Due to this, index not only erased all opening gains but also went on to sneak
well inside the negative territory. Things looked extremely bleak at one point
of time, but fortunately, we witnessed enormous buying interest at lower levels
which kept on accelerating till the closing point of the day. Eventually, Nifty
concluded with a colossal intraday rally of more than 300 points from the low
and 200 points from the previous close. After ending on a high note on Monday,
the Nifty continued the momentum and opened on a positive note on Tuesday. Post
some momentum in initial couple of hours, the index traded a narrow range for
rest of the day and ended near the opening levels, marking gains of half a
percent over previous session’s close. Although the index traded in a narrow
range yesterday, the broader markets witnessed good momentum as the market
breadth was clearly in favor of the advances. In last three sessions, the index
has gained about 500 points from the low registered on Friday. Post the sharp
upmove of about 500 points from the swing low in three trading sessions, the
index retraced some of the gains and corrected in Wednesday’s session to
re-test the 11000 mark, the index then recovered some of the losses in last
half an hour and ended the session with a loss of about half a percent. After
retracing about 38.2% of the recent correction, the index corrected back
towards the 11000 mark. The benchmark indices opened on a negative note ahead
of the F&O expiry of August series on Thursday. The Nifty witnessed selling
pressure and registered low of 10922 as some of the heavyweights were seen
under pressure. The last couple of hours witnessed significant volatility as
the index recovered the losses to retest the morning highs and then again corrected
in the last hour to end the session with a loss of about 100 points. Nifty
remained highly volatile throughout Friday’s session and traded in wider range
of 150 points. It drifted towards 10,880 level in the first half of the day,
but recovered sharply from lower levels to extend the gains towards 11,040 and
managed to close above 11,000.
