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UNIONBANK 57.5 CALL NEAR TO HIT 1ST TGT MADE A HIGH OF 2.2
WEEKLY RESISTANCE FOR NIFTY: 11100, 11200, 11300
PIVOT POINT: 11000
WEEKLY SUPPORT FOR NIFTY: 10900, 10800,
10700
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11000, 11050, 11100
PIVOT POINT:10900
DAILY SUPPORT FOR NIFTY : 10850, 10800, 10750
DAILY CHART FOR NIFTY
After an
extended weekend, nifty started the week with a big gap down mainly on the back
of escalated trade war between US and China over the weekend. Index then
consolidated a bit throughout the first half but all of a sudden the selling
momentum accelerated at the stroke of the penultimate hour which lasted till
the closing point of the day. Eventually Nifty ended with a mammoth cut over
200 points on Tuesday. Tuesday’s sharp selloffs were followed by a muted
opening on Wednesday; but immediately in the initial trade, the selling
momentum resumed and we went on to sneak below the 10750 mark. Things started
to look a bit intimidating but fortunately we saw good buying emerging at lower
levels which continued for the remaining part of the day. This recovery was
mainly provided by the easing political tensions in Hong Kong and hence we
witnessed a rub off effect to conclude in the positive territory. Thursday, we had a good head start for the
day as index opened slightly higher on the back of positive global cues.
However we couldn’t capitalize on this early morning lead. In the latter half,
we not only wiped off all gains but also managed to slip slightly into a
negative territory. Eventually the weekly expiry ended flat with no clear direction.
Nifty managed to hold the 10,850 level and gradually extended its gains towards
the 10,950 mark in Friday’s trade.
NIFTY:
A STRONG SUPPORT WILL BE @ 10750; STRONG RESISTANCE LEVEL SEEN @11100
We still remain
optimistic and expect the index to revisit 11200-11400 in coming days. For the
coming week, 11000 followed by 11200 are the levels to watch out for in the
upward direction and on the lower side, we expect 10750 to act as a sheet
anchor. In case of any decline , traders should construe this as a good buying
opportunity. It formed a bullish candle on the daily scale while Bullish Pin
Bar on the weekly scale, which implied support-based buying interest has
emerged in the market at lower levels. Nifty has started to form higher
lows and supports are shifting higher. Now it has to hold above 10,850 to
extend its bounce towards 11,050 and 11,100 levels, while on the downside
supports are seen at 10855 and then 10775 levels.