WEEKLY RESISTANCE FOR NIFTY: 11300, 11550, 11700
PIVOT POINT: 11100
WEEKLY SUPPORT FOR NIFTY: 11000, 10900, 10800
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11250, 11350, 11450
PIVOT POINT: 11150
DAILY SUPPORT FOR NIFTY : 11100,11050,11000
DAILY CHART FOR NIFTYScary Friday it was. There was absolute carnage visible on D-Street. The Sensex & nifty have seen a sharp swing in the last one hour of Friday. The Sensex crashed over 1,000 points in a span of just a few minutes, but recouped more than 700 points immediately thereafter, while the Nifty has given up 11100 as well. Globally, oil prices were little changed on Friday after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices at its meeting in Algeria this weekend. Market went through some scary moments on Friday when the currency worries once again spooked the traders’ sentiments. The week was started with downside gap and then a sustained selling throughout the remaining part of the day resulted into a sharp cut of nearly 1.20% from the Friday’s close. On Monday nifty future has closed at 11407. Our currency was certainly undergoing some terrible time and in fact things were getting worse day by day. The volatility had risen to such an extent; undoubtedly is having an adverse effect on equity markets and this was what we witnessed in last couple of days. Tuesday, index consolidated throughout the first half but the latter one turned out to be a nightmare as Nifty sliding below the 11300 mark within no time & closed the day at 11310. Markets were still feeling the heat and the gap up opening on Wednesday was merely a formality as index immediately sliding below the 11300 mark in the initial hour of the trade. There was couple of attempts made to stay beyond this psychological level; but all failed due to strong selling pressure at higher levels. The index then corrected in the latter half which has been the recent trend and hence, eventually Nifty went on to conclude the session tad below the 11250 mark & closed at 11272. Thursday market was shut on account of “Moharram”.
NIFTY: A STRONG SUPPORT WILL BE @ 11000;
STRONG RESISTANCE LEVEL SEEN @11500