TO GET OPTION CALL PUT TIPS WHATSAPP UR NAME & SEGMENT ON 9039542248
WEEKLY RESISTANCE FOR NIFTY: 10550, 10750, 10850
PIVOT POINT: 10300
WEEKLY SUPPORT FOR NIFTY: 10200, 10100, 10000
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 10400, 10550, 10750
PIVOT POINT: 10300
DAILY SUPPORT FOR NIFTY: 10250, 10200, 10150
DAILY CHART FOR NIFTY
During the
week, our markets defending the key support level of 10200 on a closing basis
was certainly a remarkable achievement. It was clearly an indication that the
sellers have exhausted and they do not have further strength to react to the
global hiccups. Hence, we had a gap up opening on the concluding day of the week
with a good bump up and in fact, the momentum accelerated as the day
progressed. In the course of action, we are back to Wednesday’s highs by ending
the week on a cheerful note. Finally, the recent losing streak came to an end
as we not only managed to defend the critical support level of 10200 but also
ended the week with a good hope of further recovery in the forthcoming week.
Last week, we had highlighted few notable observations and all those key
technical evidences have proved their significance.
Trading for the week began with a decent bump up but
this early morning lead immediately got sold into. Index came off sharply
during the midst of the day towards the 10400 mark. This important intraday junction
provided rock solid support for our market and as a result, we witnessed a
v-shaped recovery in the latter half to reclaim the psychological figure of
10500 on a closing basis. Tuesday had a positive opening with marginal upside
gap after Monday’s good tail end buying. Subsequently, we saw the index adding
further gains in the initial hour. However, Nifty struggled around 10600 and
hence, we saw a decent dip during the midst of the day. Fortunately for
traders, this intraday decline eventually got bought into and as a result, the
Nifty managed to close well inside the positive territory. Wednesday’s session
opened with a good bump up of more than 100 points, owing to massive overnight
rally in US markets on Tuesday. However, this lead did not last too long due to
strong profit booking at higher levels. In fact, things became worse as index
pared down all gains and eventually ended the session with a cut of over a
percent to conclude tad above the 10450 mark. Thursday market was shut on
accounts of Dassehra. Week has ended sharply lower amid weak global cues.
Reliance earnings, NBFC crisis and H1-B visa issue dented investor’s
sentiment. The Sensex ended the week down 463 points at 34315 and the Nifty
slipped 149 points to 10303.
NIFTY:
A STRONG SUPPORT WILL BE @ 10200; STRONG RESISTANCE LEVEL SEEN @10800
Next week is the expiry week for F&O Oct series , As long
as it holds below 10300 , the Nifty50 may continue to extend weakness towards
10200 and the psychologically important 10,000 levels, while on the upside,
the medium-term hurdle is shifting from 10650
to 10750 levels. As long as Nifty doesn’t surpass any immediate hurdle, the
overall weak structure could limit the upside for the market. Broad range for the week is seen from 10200 on
downside & 10800 on upside.
TECHNICALLY
SPEAKING.