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DAILY RESISTANCE FOR NIFTY: 10100,10200,10300
WEEKLY RESISTANCE FOR NIFTY:10300,10400,10500
PIVOT POINT: 10000
WEEKLY SUPPORT FOR NIFTY : 9900,9800,9700
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 10100,10200,10300
PIVOT POINT:10050
DAILY
SUPPORT FOR NIFTY : 10000,9800,9700
DAILY CHART FOR NIFTY
We started-off the
week on a positive note and rallied towards 10600 mark, but this up move was
short lived as once again massive selling emerged to bring index towards 10000.
In index futures, mixed positions were formed last week. At the same time, put
writer of 9800 strikes also lightered some of their positions. Stronger hands
continued selling in index futures along with longs in index puts. First half in the week gone by was very much
on expected lines as we saw continuation of previous week’s relief move towards
the 10500 mark. This move was aided by some of the macro factors like Crude oil
cooling off from higher levels and respite in domestic currency after recent
relentless weakness. Monday, we had a good
bump up at the opening owing to strong positive cues from the Asian bourses,
especially the Hong Kong market. However, this again turned out to be formality
as there was immense selling pressure seen right from the word go.
Subsequently, index consolidated for some time in a range before sliding below
the 10300 in the last hour of the trade. On Monday nifty ended at 10252. On Tuesday market
opening formality as always was influenced by the global peers and they were
literally sinking early in the morning. As a result, we had a gap down opening
which was followed by some immediate recovery towards Monday’s low. However,
once again a strong selling pressure at higher levels dragged the index lower
to breach recent swing low of 10138. Fortunately, at the end, the damage was
not as big as it looked; courtesy to some tail end recovery in the broader
market. On Tuesday nifty ended at 10146. Wednesday, once again we had a good bump
up at the opening, courtesy to smart recovery in US markets on Tuesday.
However, similar to last two occasions, markets corrected after seeing 100
points gap. In fact, immediately post the midsession, the selling aggravated
and in the process, we hastened towards previous day’s low. Fortunately, this
time the close was not as it was on previous two occasions. In last hour of the
trade, we witnessed a good broad based recovery in the market to reclaim the
10200 mark on a closing basis yesterday too; the gap down opening was mainly on
the back of sharp overnight sell off seen in the US markets. Wednesday nifty
closed at 10290. Thursday the market remained under pressure
throughout the session but recovered a bit at the end of October F&O expiry
day. The Nifty closed October series 99 points lower at 10124 points. The
Nifty Bank index closed Thursday’s trade 0.98% lower. Friday markets extended falls on to hit nearly seven-month low. The Sensex
closed 340 points lower at 33349, while the Nifty shed 94 points to settle at
10030.