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WEEKLY RESISTANCE FOR NIFTY: 10900, 11100, 11100
WEEKLY RESISTANCE FOR NIFTY: 10900, 11100, 11100
PIVOT POINT: 10800
WEEKLY SUPPORT FOR NIFTY: 10700, 10600, 10500
it was a premature end of the "santa rally ". Today market was seems like bulls packing their
bags for Christmas vacation. We have seen a pre-Santa Claus rally in the
sense that last seven or eight sessions, the indices have run up from the lows.
From Thursday onward, we have seen some sort of correction and that correction
is of that earlier upmove. Market is reverting to
mean after outperforming for several days also Rumors about govt giving sweeping powers to 10
agencies for surveillance & Unwinding
ahead of year-end holidays; investors taking profit off in view of global
uncertainties. on week ended friday Sensex tanks over 700 points, Nifty came below 10,750 mark. Nifty started the trading week on a cheerful
note. This was followed by some consolidation; but once again good buying
emerged in the penultimate hour to extend this lead to conclude the session tad
below the 10900 with decent gains of nearly eight tenths of a percent. In Tuesday’s second session Dow Jones had more
than 500 points drop to close around the lowest point of the current calendar
year. This sell off was triggered with the fear of fed announcing rate hike for
the last time this year. This had a rub off effect on our market. However, we
must appreciate the fact that our markets are showing tremendous resilience and
hence, we did not have the major damage. In fact, post the sluggish first half,
we saw strong buying emerging at lower levels due to which index shaved off all
losses and eventually went on to close above the 10900 mark with nominal gains.
On Wednesday we did not see major momentum during the day, index managed to
close above its recent high with broader market participating to a greater
extent. Thursday’s weak session was a
knee-jerk reaction to the relentless selling in US markets post the FOMC meet.
Subsequently, the index remained under pressure for the major part of the session.
However, quite similar to the recent trend, index recovered during the latter
half and pared down almost all losses to close on a flat note. The domestic
equity market ended the day on a flat note despite a weak opening.
NIFTY: A STRONG SUPPORT WILL BE @ 10600;
STRONG RESISTANCE LEVEL SEEN @11100