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WEEKLY RESISTANCE FOR NIFTY: 11100, 11300,11500
PIVOT
POINT: 11000
WEEKLY SUPPORT FOR
NIFTY: 10900, 10700, 10500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11100, 11200,11300
PIVOT
POINT: 11025
DAILY
SUPPORT FOR NIFTY: 10975, 10900,
10800
It was one of the worst weeks for our markets in the recent past as the indices corrected sharply along with the broader market. There was no respite for any of the index as all the sectors, including the recent out performers took a sharp knock. Our markets started the week around the previous week’s close. The index traded within a range till noon, but it then corrected sharply on back of sell-off in the global markets and ended with a cut of over a couple of percent at 11250. Nifty started the Tuesday’s session marginally positive; however, it was mere a formality as we immediately witnessed correction and within first half an hour, Nifty sneaked below 11100. The index gradually pulled from the lows, but the bears continued their dominance and the pullback move was sold into to eventually end the day with a loss of about 100 points around 11150. On the back of positive global cues, we started the Wednesday’s session on a positive note, but once again our markets witnessed selling pressure and corrected by about 200 points from the opening level. However, we recovered some of the losses in the last hour of trade and ended the day marginally in the red. The negative global cues weighed down heavily on our markets on Thursday as the Nifty opened gap down and then corrected throughout the day to end with a loss of almost 3%. Friday the market witnessed correction as sentiments soured on Fed comments on weaker-than-expected economic recovery, increase in fresh Covid-19 cases in developed markets and on concerns of higher-than-expected credit costs in the banking sector in the near term.