WEEKLY RESISTANCE FOR
NIFTY: 10800, 10900, 11000
PIVOT
POINT: 10750
WEEKLY
SUPPORT FOR NIFTY: 10700, 10600, 10500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY:
10800, 10850, 10900
PIVOT POINT: 10700
DAILY
SUPPORT FOR NIFTY: 10650, 10600, 10550
DAILY CHART FOR NIFTY
Bears continued to dominate as nifty closed at 10700 mark. After
giving a good move of nearly 500 points in last week, the rally halted on the
day of RBI Monetary policy. It was quite surprising to see massive sell off on
the following week. Monday morning, despite global markets consolidating with a
mild positive bias, nifty started on a weak note. In fact, this negativity
increased in the initial hour, dragging Nifty well below the 10900 mark.
Fortunately, due to emergence of some buying at lower levels, Nifty managed to
trim decent portion of losses to eventually close with half a percent cut. On Tuesday
tracking the muted global cues our markets witnessed a flat to negative
opening. Subsequently, there was boredom during the major part of the session
as Index traded within a very slender range. Eventually during the last hour of
trade Index witnessed one more bout of selling to end with a loss of around
half a percent at 10831. Wednesday had a gap up opening, owing to cheerful mood
across the globe. Nifty sneaked below the 10800 mark by shedding 0.35% from the
previous close. Thursday Markets looked nervous right from the opening tick,
taking cues from the SGX Nifty and other Asian bourses. Index consolidated
throughout the first half by maintaining a negative bias. However, post the
mid-session; we witnessed a sudden spurt in the market, which subsided after a while.
But the highlighting part was the outperformance of the broader market in the
latter half. Although, index corrected once again, we saw tremendous
improvement in the market breadth. Nifty
closed at 10746 on Thursday. On Friday muted domestic earnings and weak global
markets hurt the sentiment. Nifty ended 0.20% lower at 10724.
NIFTY: A STRONG
SUPPORT WILL BE @ 10600; STRONG RESISTANCE LEVEL SEEN @10900