WEEKLY
RESISTANCE FOR NIFTY: 11775, 11875, 11975
PIVOT POINT: 11700
WEEKLY SUPPORT FOR
NIFTY: 11625, 11550, 11500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11750, 11800, 11850
PIVOT POINT: 11725
DAILY SUPPORT FOR NIFTY: 11675, 11635, 11575
DAILY CHART FOR NIFTY
After an extended weekend, our markets
had a sluggish opening on Tuesday as there was no major trigger on the domestic
as well as global front. Yes, Brent crude cooled off a bit; but our markets
have already discounted it while closing on Friday. On Tuesday, during the
initial hour, all of a sudden the selling triggered in the market and in the
process, we once again slipped below the 11700 mark. Fortunately for us, quite
similar to Friday’s session, we had a good upsurge during the penultimate hour,
which pulled the index back into the relatively safer territory. Wednesday
market was closed due to Maharashtra Day. On Thursday post a
midweek holiday, our markets started on a mild negative note taking the cues
from the SGX Nifty. On Thursday market
closed flat gave all its intraday gains in the final hour of trading. The
nifty closed down 12 points at 11712. Subsequently, Index
witnessed choppy swings on both sides of the trend twice during the session and
eventually ended with a marginal loss of 0.20% at 11725. There is a famous
saying, all’s well that ends well and its goes perfectly with the recent price
development. Firstly, we successfully managed to defend the key support of 11550
and then went on to close well inside the safe territory by reclaiming the 11800
mark. Now, at his juncture, we do not have signals that will provide us a
proper trade set up. But since the broader trend remains bullish, we continue
to remain upbeat on the market as long as it holds 11550, convincingly. On the
higher side, 11800 followed by 11850 are the levels to watch out for. If we see
any renewed buying interest in some of the heavyweight constituents, we would
expect index hitting fresh highs very soon. Till the time, the consolidation
continues in the range of 11800 – 11550.
NIFTY VIEW FOR COMING WEEK 06 MAY TO 10 MAY 2019