WEEKLY RESISTANCE FOR NIFTY:
11000, 11100, 11200
PIVOT
POINT: 10850
WEEKLY
SUPPORT FOR NIFTY : 10800,10700,10600
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY:
10975, 11025, 11075
PIVOT POINT: 10900
DAILY
SUPPORT FOR NIFTY: 10875, 10825, 10775
Bulls were the winner of this week race. Nifty
closed the week above 10900 mark. Trading for the week began on a flat note
despite weak cues from the global peers. However, this subdued opening was
merely a formality as we saw index taking a nosedive right from the word go and
within no time we were well off the opening point. Although, index remained
under pressure for the major part of the day, there was some modest recovery
seen during last hour to trim some portion of losses. Tuesday was undoubtedly the best day so far of
the new calendar year. Firstly, we had a good trended move throughout the day
and importantly, we finally broke out from the recent congestion zone in the
upward direction. Since last few days, traders’ fraternity across the globe was
keeping a close eye on important development with respect to the BREXIT.
However, it turned out be a nonevent as we saw no major reaction on the global
front. Wednesday morning, our markets opened on a flat note and then
consolidated in a slender range throughout the day to eventually conclude
around the opening point with negligible gains. Undoubtedly, no one would have
expected such a lethargic day of trade, especially after Tuesday’s massive bump
up to surpass key near term hurdles. Since there was no movement during the
day, the chart structure remains the same. In last couple of days, US markets have once
again started marching northwards and in-line with this, on Thursday market
opened higher after Wednesday’s quiet day of trade. Subsequently, index
consolidated for a while; however post the mid-session, we saw aggravated
profit taking across the board. At one point, things did not look good but
fortunately for us, strong buying emerged at lower levels to pull the index
back above the 10900 mark to eventually conclude with negligible gains.
NIFTY: A STRONG SUPPORT
WILL BE @ 10750; STRONG RESISTANCE LEVEL SEEN @11200