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WEEKLY RESISTANCE FOR NIFTY: 11650, 11750, 11850
PIVOT POINT: 11400
WEEKLY SUPPORT FOR
NIFTY: 11300, 11200, 11100
WEEKLY CHART FOR
NIFTY 
DAILY
RESISTANCE FOR NIFTY: 11600, 11700, 11800
PIVOT POINT: 11425
DAILY SUPPORT FOR NIFTY: 11375, 11300,
11250
Nifty did
extremely well this week and it continues to enjoy its recent Bull Run.
Although, it has come off a bit from the high, a race to reach the magical
figure of 12000 is very much on.
The week
started with a bang on Monday as we saw a gap up opening first which was then
followed by a massive intraday rally; setting the tone for the rest of the
week. Following days did not disappoint at all, in fact there was strong
optimism seen throughout to post massive intra-week rally. With this, Nifty
managed to clock biggest weekly gains in last four months. The major charioteer
for this mesmerizing rally was none other than the heavyweight banking index.
What a stellar move we witnessed throughout the week to register fresh highs in
the process. Eventually both indices saw some mild profit booking towards the
fag end of the week and it was very much evident also after seeing such
relentless rally.
The week
began with an upside gap, owing to positive cues across the globe. During the
initial trade, index extended this lead and in the process, went on to go
beyond the psychological mark of 11500. However, post the initial hour, we saw
decent profit booking across the broader market to trim major portion of gains.
Fortunately, due to modest recovery towards the fag end, index managed to close
in the green by adding another three tenths of a percent to Friday’s tally.
Monday’s uncertain close was followed by yet another gap up opening in our
market on Tuesday, which was very much in line with most of the Asian peers.
Subsequently, we saw some consolidation for the major part of the day. However,
index picked up a strong momentum in the penultimate hour, leading to an
extension of the rally beyond 11500 by adding six tenths of percent. The
banking index supported this move as it seems to be enjoying its placement in
an uncharted territory. On Wednesday, our markets started the proceedings
marginally higher, which was very much in-line with what Nifty has suggested
early in the morning. However, we almost had an ‘open-high’ kind of scenario as
index failed to surpass the high made in the initial trade. Mostly, it was a
day of consolidation within a very slender range to conclude the day with
negligible losses. Thursday market was closed due to holi. On Friday market
came down nifty closed below 11500 mark .
NIFTY VIEW FOR COMING WEEK 25 MARCH TO 29 MARCH 2019
This month’s rally, which has pushed up the nifty by over 700
points, is in sharp contrast to Indian markets’ sharp underperformance in the
first two months of this year as compared to other global market. As per the
analysis this month’s rally to be a pre-election moves in anticipation of a
stable government at the Centre. Some opinion polls give an edge to the NDA
government in the seven-phase Lok Sabha elections that start from April 11. Foreign
institutional investor’s investment, dollars sent the rupee to its highest
level, Global investors exposure also supported the nifty.
