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WEEKLY RESISTANCE FOR NIFTY:10500,10600,10700
DAILY RESISTANCE FOR NIFTY: 10450,10550,10650
WEEKLY RESISTANCE FOR NIFTY:10500,10600,10700
PIVOT
POINT: 10400
WEEKLY
SUPPORT FOR NIFTY : 10300,10200,10100
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 10450,10550,10650
PIVOT POINT:10400
DAILY SUPPORT FOR NIFTY : 10350,10250,10150
DAILY CHART FOR NIFTY
Happy Diwali week! The index continues to enjoy its Bull
Run despite some in between hiccups. The benchmarks clocked their best weekly
rally in two years after stocks extended gains globally as the boost to
sentiment came after Bloomberg News reported U.S. President Donald Trump is
interested in reaching an agreement on trade with Chinese President Xi Jinping
at the Group of 20 nations summit in Argentina this month and has asked key
officials to begin drafting potential terms. For the week Sensex surged 4.98
percent and the Nifty 50 Index rose 5.2 percent. Trading for the week began
marginally higher as indicated by the Nifty. Subsequently, we saw immediate
drop in initial five minutes of trade. However, post this there was sustained
buying seen throughout the remaining part of the day. In fact, the momentum
accelerated in the latter half to clock massive single day gains of over two
percent. Eventually, the broad based rally resulted into reclaiming of 10200
with some authority. Tuesday was clearly
a day of disappointment for the momentum traders after seeing Monday’s massive
intraday rally. During the first half, we did see couple of attempts to head
higher but on both these occasions, index failed to carry the momentum as few
heavyweights were experiencing strong selling pressure, which eventually
aggravated in the latter half to pull the index once gain below the 10200 mark.
Wednesday nifty opened higher after Tuesday’s minor correction or rather we
should term it as a breather. Subsequently, we witnessed a nosedive in the
initial hour mainly on the back of some news flow on the differences between
the RBI and the Central government. Fortunately, the damage got restricted at
the kissing distance from 10100 and to everyone’s surprise, there was complete
turnaround in traders’ sentiments as we witnessed a vertical rally of nearly
300 points to conclude the session with whopping gains of 1.85%. Wednesday’s
v-shaped recovery was followed by a gap opening with a decent margin on Thursday.
However, similar to recent trend, this early morning lead turned out to be a
formality as we witnessed good profit booking in most of the heavyweight
constituents. During the day, index largely remained in a small range and all
attempts to surpass 10400 were turned unsuccessful. Eventually, we had a flat
opening tad below this crucial junction. On Friday nifty rebounded strongly
along with rupee after crude fell for fifth day in a row amid strong global
cues. Nifty climbed 1.66% or 173 points to
10,553 & closed the week on bullish note.