WEEKLY RESISTANCE FOR
NIFTY:10900,11000,11200
PIVOT
POINT: 10800
WEEKLY
SUPPORT FOR NIFTY : 10700,10600,10500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY:
10900,10950,11000
PIVOT POINT:10850
DAILY
SUPPORT FOR NIFTY : 10800,10750,10700
Keeping all developments aside if we just
have to analyze the price action, one would interpret this was a promising week
for our markets. The outcome of the five
states election result ,the abrupt resignation of the RBI Governor Mr.Urjit
Patel & appointment of new Governor
mr Shaktikanta Das were the key factors which has moved nifty this week. On
Monday The exit polls on state assembly elections kept nifty on tenterhooks. On
Monday Nifty tanked 205 points, at 10488. On Tuesday Nifty opened on bearish
note on but managed to recover from its crucial support at 10333 and
headed towards 10550 level. On Wednesday the market rallied after the
major unknown of state elections got over and the government named Shaktikanta
Das as the new governor of RBI to quickly fill in the vacuum created by the
sudden resignation of Urjit Patel. The Nifty added 188 points to
10737. Thursday’s gap up opening was clearly a follow up move of Wednesday’s
strong rally. Also, the global peers did not give any kind of disappointment as
they were trading firmly in the green. Post the opening, index consolidated for
a while and there was some momentum seen during the midst of the session which
pushed the index well above the 10800 mark. However, a decent profit booking in
the latter half resulted into a close tad below the opening point; eventually
concluded with gains of half a percent markets finished Friday's choppy session
on a positive note. However, gains were restricted as investors remained on the
sidelines amid a crucial Reserve Bank of India board meeting. Nifty rose
13 points to settle at 10805.
NIFTY: A STRONG SUPPORT WILL BE @ 11000; STRONG RESISTANCE LEVEL SEEN @10500
NIFTY: A STRONG SUPPORT WILL BE @ 11000; STRONG RESISTANCE LEVEL SEEN @10500