WEEKLY RESISTANCE FOR NIFTY:
12300, 12400,12500
PIVOT POINT: 12200
WEEKLY SUPPORT FOR NIFTY: 12100, 12000,
11900
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 12275, 12325, 12375
PIVOT POINT: 12200
DAILY SUPPORT FOR NIFTY: 12150, 12100, 12050
DAILY CHART FOR NIFTY
On Monday Inspite
of subdued global cues, the Nifty started the week on a positive note with
gains of around 30 points. It, however, lacked follow up move to cross the
recent high of 12293 and gave up gains in the first few hours. In the second
half, however, after making an intraday low of 12213 Index bounced back sharply
to end with marginal gains tad above 12250 levels. On Tuesday In the absence of any trigger, our
markets started on a mild negative note and with open high scenario crept lower
for the first half. During the mid-session, Index attempted a strong
bounce-back however in the last hour there was a sharp selloff as Nifty ended
with a loss of 0.71% at 12168. On Wednesday 1st day of 2020 the Nifty started
the calendar year on a positive note with gains of around 30 points, however,
post that there was no major action in Index. Nifty gyrated within a very
narrow range throughout the day and ended with marginal gains at 12182. On Thursday,
the session clearly belonged to handful of heavyweight movers and midcaps from
the Derivatives segment. Clearly it was a feast for FO traders as so many
liquid names clocked good intraday rally. As far as Nifty is concerned, marquee
names likes RIL, HDFC Twins, ICICI Bank and not to forget Larsen and Toubro,
who finally looked like coming out of the slumber. When these names start
moving then no brainer the benchmark had to do well. This is what we saw and
throughout the day, the buying momentum continued in the market. Market breadth
was slightly negative on Friday after US military killed Iran Revolutionary
Guards' commander Qasem Soleimani in a surprise air-strike. The middle-east
tensions sent Brent Crude Futures soaring, while market sentiment turned sour
at D-Street. The Sensex, which hit an intra-day low of 41348,
recovered slightly in the fag-end of the session and settled 162 points, lower
at 41464 level. The Nifty lost 55 points, to settle at 12226 marks.
Bears try to pounce on back of the global development and push index lower.
NIFTY:
A STRONG SUPPORT WILL BE @ 12100; STRONG RESISTANCE LEVEL SEEN @12300