WEEKLY RESISTANCE FOR NIFTY
FUTURE: 11075, 11150, 11125
PIVOT
POINT: 11000
WEEKLY
SUPPORT FOR NIFTY FUTURE: 10950, 10900, 10825
WEEKLY CHART FOR NIFTY FUTURE
DAILY RESISTANCE FOR NIFTY
FUTURE: 11070, 11100, 11125
PIVOT POINT: 11000
DAILY
SUPPORT FOR NIFTY FUTURE: 10975,10950,10925
DAILY CHART FOR NIFTY FUTURE
This was clearly an eventful and action
packed week for our market. After last 4 week of slumber finally bulls come
back with a bang. However, this week turned out to be a nightmare for the bears
and especially for those who created fresh shorts positions. Undoubtedly, many
traders left clueless with the kind of bounce back move we witnessed in the
broader market. The Nifty eventually went on to reclaim the 11000 mark on a closing
basis. Throughout this week, we witnessed a series of gap up openings.
Wednesday’s sheer outperformance as compared to global peers was followed by a
cheerful opening beyond the 11000 mark. The global set up was conducive to
provide some impetus to kick start the week on a cheerful note. The global
peers have played their parts and hence, the set up was just perfect for Sensex
& Nifty to kick for new all time high. It was a week of consolidation
amidst global uncertainty; but we witnessed decent traction outside the index. Best quarter for India Inc in 3 years, best
sequential growth for TCS in 4 years &Updated World Bank figures for
2017, i.e. India has become the world's sixth largest economy, muscling past
France. India's gross domestic product (GDP) amounted to $2.597 trillion at the
end of last year; against $2.582 trillion for France was the key factor that
has moved the market in this past week.
Nifty future has opened the week at 10812 made a high of 10069 and low of 10801 & finally closed the week at 11020, total 268 points nifty future has moved in this week.
NIFTY: A STRONG SUPPORT WILL BE @ 10900; STRONG RESISTANCE LEVEL SEEN @11200
Nifty future has opened the week at 10812 made a high of 10069 and low of 10801 & finally closed the week at 11020, total 268 points nifty future has moved in this week.
NIFTY: A STRONG SUPPORT WILL BE @ 10900; STRONG RESISTANCE LEVEL SEEN @11200
Now, the
question is, are we done with the correction or this is just a relief rally?
Honestly speaking, it is very difficult to make a comment at this juncture as
the index closed precisely in the corridor of uncertainty. As a pessimist, we
would interpret this as a bounce back