WEEKLY
RESISTANCE FOR NIFTY: 11750, 11850, 11950
PIVOT POINT: 11500
WEEKLY SUPPORT FOR
NIFTY: 11400, 11300, 11200
WEEKLY CHART FOR NIFTY
DAILY
RESISTANCE FOR NIFTY: 11650, 11700, 11800
PIVOT POINT: 11550
DAILY SUPPORT FOR NIFTY: 11500, 11400,
11300
DAILY CHART FOR NIFTY
Nifty
kept its head above water all throughout Friday as traders bet on another
interest rate cut by the RBI amid hopes of a trade deal between the US and
China. Once again our markets witnessed a gap up opening however it was just a
formality as within the first few minutes itself nfity gave up all the opening
gains. Subsequently, nifty managed to hold on to the previous session low and
after a tiring session within a range witnessed one more round of up move
during the fag end to eventually close with gains of 0.38% at 11713. Wednesday
had a gap up opening in our market, owing to strong positive cues from the
global peers. In the initial half an hour of the trade, our benchmark Nifty
clocked a fresh record high by a slender margin. In fact, it was not even by a
single point and did not last too long as well. This was followed by some
consolidation before index taking a nosedive in the penultimate hour not only
to wipe off all gains but also to close in the negative territory by losing six
tenths of a percent to the previous close. Wednesday’s weak session was
followed by a flat start in our markets on Thursday, which was very much in
line with sluggish global cues. However, right from the initial trade, market
looked nervous and hence, we saw index sliding below 11600 at the cusp of the
mid session. We witnessed some recovery post the RBI monetary policy. But it was
clearly a short lived bounce back as the outcome of RBI cutting the repo rate
by 25 bps was already been discounted in the prices. Eventually, the penultimate
day of the trading week ended tad below 11600 by trimming another four tenths
of a percent.