WEEKLY RESISTANCE FOR NIFTY:
10600, 10700, 10800
PIVOT POINT: 10500
WEEKLY SUPPORT FOR NIFTY: 10400,
10300, 10200
WEEKLY CHART FOR NIFTY
WEEKLY RESISTANCE FOR NIFTY:
10600, 10700, 10800
PIVOT POINT: 10500
WEEKLY SUPPORT FOR NIFTY: 10400,
10300, 10200
WEEKLY CHART FOR NIFTY
It has been a roller coaster ride for
investors as back-to-back sell-off is seen in Indian markets has put bears on
the driving seat. It’s a negative end for the nifty for this week as tomorrow
is a trading holiday on account of Guru Nanak Jayanti. The Nifty has given
up 10,550-mark. Weak global cues, as well as fall in crude oil price which is
taken as a synonym for a slowdown in global growth, weighed on sentiment. Nifty
closed the week at 10527. We had a gap
up opening to begin the trading for the week. On Monday the global set up was
just perfect for such kind of head start. Subsequently, index saw some profit
booking in the initial trade to fill the complete gap. However, post some
consolidation, strong buying emerged at lower levels which continued till the
last minute of the trade. As a result, the index went on to gain three fourth
of a percent to conclude the session tad above the 10750 mark. On Tuesday,
clearly the global bourses spoiled the party for our markets. After Monday’s
encouraging close, we had a gap down opening on the back of massive sell off
seen in all major global indices. To worsen this, our markets corrected sharply
post the mid-session to pare down all Monday’s gains and in fact more than that
to conclude the session with a cut of a percent. On Wednesday, the massacre in
the global equities hinted for a gap down opening in our markets, however, the
positive aspect of falling crude prices restricted to a flat opening. The index
then witnessed an open high kind of scenario and immediately slipped lower to
mark intraday low of 10562. Subsequently, the second half was slightly
encouraging as the Asian cues recovered from lows our markets too witnessed
cushion at the lower level to erase some loss from intraday lows and eventually
ended tad at 10600 levels with a loss of around half a percent.
NIFTY: A STRONG SUPPORT WILL BE @ 10350;
STRONG RESISTANCE LEVEL SEEN @10750
According to Pivot charts, the key support
level is placed at 10475, followed by 10375. Nifty forms a bearish belt hold pattern.
The index took support at its, 20-EMA placed at 10500, and 10400 respectively..
If the index starts moving upwards, key resistance levels to watch out are
10700 and then 10800. Nifty may witness some consolidation before resuming its
uptrend towards 10900-11000 levels. On the downside, immediate support is seen
at 10500-10530 levels. The consistent sell-off amid volatility indicated that
cautious approach would be prudent strategy now.
