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WEEKLY
RESISTANCE FOR NIFTY: 10635,10677,10719,10806
PIVOT
POINT: 10590
WEEKLY
SUPPORT FOR NIFTY : 10503,10416,10371,10197
WEEKLY CHART FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 10527,10560,10620,10772
PIVOT
POINT:10495
DAILY
SUPPORT FOR NIFTY : 10375,10342,10310,10217
Sensex opened the week
at 33903, made a high of 34529, low of 33901 and closed the
week at 34010. Thus the Sensex closed the week with a gain of 5 points. At
the same time, the Nifty opened the week at 10519, made a high of 10630
low of 10456 and closed the week at 10440 Thus the Nifty closed the
week with a loss of 29 points. Sensex closed nearly 300 points lower and NSE Nifty settled at 10440
on Friday as bank stocks dragged after more banks disclosed their exposure in
the PNB fraud case. SBI shares fell 3% after the bank said it has an exposure
of $212 million in respect to letter of undertaking issued by PNB to Nirav
Modi. The Nifty PSU Bank fell 2.49% and Nifty Bank declined 1.02%. BSE Midcap
was down 1.20% and Smallcap fell 1.22%. All the sectoral indices on BSE, except
IT, ended lower, with telecom, metal and realty suffered most
SELL-OFF CONTINUES.
The
market Sell-off from the peak, formed three weeks ago, gathered momentum this
week following global cues. Global markets including the US market are down by
more than 11% off from their peaks, Selling pressure is so intense that
the Trend has reversed for the Short and Medium term timeframe and we
seem well poised to test the long term average of 200dma (Nifty 10070). Due
to sharp falls in past 3 weeks, we might witness some pull-backs, which should
be used to create short positions. The Correction will be deemed over only when
Nifty starts trading above 10640.