WEEKLY RESISTANCE FOR NIFTY:
10900, 11000, 11200
PIVOT
POINT: 10700
WEEKLY
SUPPORT FOR NIFTY : 10600,10400,10200
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY:
10800,10900,11000
PIVOT POINT:10700
DAILY
SUPPORT FOR NIFTY : 10600,10500,10400
DAILY CHART FOR NIFTY
Nifty closed the week at 10701 mark. Market
started the December month on a strong footing with nifty closing higher at
10883. The Nifty failed to close
above 10900. Markets turned flat in the early afternoon deals on news reports
of Qatar exiting the oil cartel OPEC in January 2019. Tuesday’s range bound trading
session gas ended on negative note. The Nifty fell 14 points to 10869. Trump-Xi
trade truce fuelled stock rally lasted just 24 hours, as India equities snapped
six-session winning streak on Tuesday. Also, concerns over inversion of US
yield curve, spike in oil prices and caution ahead of RBI policy meet, weighed
on domestic stocks. Wednesday Market conditions turned into favor of bears. It’s a negative
close for the market for second consecutive session as investors reacted to the
stance on interest rates by the Reserve Bank of India. The Monetary Policy
Committee kept interest rates unchanged, but sharply cut the inflation targets
for October-March. The Nifty tested 10750 mark. On Thursday market remained
under pressure throughout the session on negative global cues, weak rupee and sustained
selling by foreign as well as domestic institutional investors with Nifty ended
just above 10600 level, Global markets were in a risk-off mode due to fresh
flare-up of tensions between China and the US. Oil prices are inching up on
expectation of production cuts by Russia and Opec, weakening rupee further. On Friday market ended on a bullish note. The market
was boosted by a report that Warren Buffett's Berkshire Hathaway Inc might take
a stake in private-sector lender Kotak Mahindra Bank Ltd.
NIFTY: A STRONG SUPPORT WILL BE @ 10500;
STRONG RESISTANCE LEVEL SEEN @11000