WEEKLY RESISTANCE FOR
NIFTY: 10850, 10950, 11050
PIVOT
POINT: 10750
WEEKLY
SUPPORT FOR NIFTY: 10700, 10600, 10500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY:
10850, 10925, 11000
PIVOT POINT: 10800
DAILY
SUPPORT FOR NIFTY: 10750, 10700, 10650
DAILY CHART FOR NIFTY
Trading for
the week began marginally higher, owing to cheerful mood across the globe.
Subsequently, we saw mild profit booking in the initial hour, but post this,
index resumed its upwards trajectory and in fact, the momentum accelerated in
the latter half to hasten towards the 10900 mark. Eventually, index concluded
the Monday’s session 20 point short of the important junction by adding eight
tenths of a percent to the bulls’ kitty. Tuesday had a gap down opening with a
fair margin on the back of some early morning geopolitical concerns. In fact,
this weakness extended in the initial hours to sneak below the 10750 mark.
Fortunately, this decline eventually got bought into and we had a smart
recovery post the initial correction to eventually conclude the volatile day by
losing four tenths of a percent. Wednesday’s
session started with a decent gap up opening around the previous session high and
these gains were extended in the first hour to mark intraday high of 10939.
Everything looked 'Hunky Dory' during the first few hours; however, further
development on geopolitical front spooked the sentiment; leading into a sharp
decline to post a low of 10751. Eventually index managed to reclaim the 10800
mark, courtesy to modest recovery in latter half. Thursday ambiguity continues
in the market on the back of geopolitical concerns on both domestic as well as
global front. We had a gap up opening; but it was merely a formality. Index
immediately gave up this early morning lead and then slipped into a
consolidation mode. Last couple of hours of trade saw some volatile swings,
which has more to do with the derivative expiry. Eventually, Nifty closed with
a nominal loss tad below the 10800 mark.
Friday markets remained firm in late trade, with Sensex up around 200
points while Nifty was above 10,850.
NIFTY: A STRONG SUPPORT WILL BE @ 10750; STRONG
RESISTANCE LEVEL SEEN @11000