WEEKLY
RESISTANCE FOR NIFTY: 11775, 11875, 11975
PIVOT POINT: 11700
WEEKLY SUPPORT FOR
NIFTY: 11625, 11550, 11500
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11750, 11800, 11850
PIVOT POINT: 11725
DAILY SUPPORT FOR NIFTY: 11675, 11635, 11575
DAILY CHART FOR NIFTY
After an extended weekend, our markets
had a sluggish opening on Tuesday as there was no major trigger on the domestic
as well as global front. Yes, Brent crude cooled off a bit; but our markets
have already discounted it while closing on Friday. On Tuesday, during the
initial hour, all of a sudden the selling triggered in the market and in the
process, we once again slipped below the 11700 mark. Fortunately for us, quite
similar to Friday’s session, we had a good upsurge during the penultimate hour,
which pulled the index back into the relatively safer territory. Wednesday
market was closed due to Maharashtra Day. On Thursday post a
midweek holiday, our markets started on a mild negative note taking the cues
from the SGX Nifty. On Thursday market
closed flat gave all its intraday gains in the final hour of trading. The
nifty closed down 12 points at 11712. Subsequently, Index
witnessed choppy swings on both sides of the trend twice during the session and
eventually ended with a marginal loss of 0.20% at 11725. There is a famous
saying, all’s well that ends well and its goes perfectly with the recent price
development. Firstly, we successfully managed to defend the key support of 11550
and then went on to close well inside the safe territory by reclaiming the 11800
mark. Now, at his juncture, we do not have signals that will provide us a
proper trade set up. But since the broader trend remains bullish, we continue
to remain upbeat on the market as long as it holds 11550, convincingly. On the
higher side, 11800 followed by 11850 are the levels to watch out for. If we see
any renewed buying interest in some of the heavyweight constituents, we would
expect index hitting fresh highs very soon. Till the time, the consolidation
continues in the range of 11800 – 11550.
NIFTY VIEW FOR COMING WEEK 06 MAY TO 10 MAY 2019
If end well all
well. Late buying helped nifty to close the first day of May
series near day's high level with Nifty finished above 11750 mark. On Monday
a sudden spike in crude oil prices spooked traders’ fraternity across the globe
and we being the most sensitive economy had a massive impact of the same. Our
markets began marginally lower but within a blink of an eye, we were off more
than 70 – 80 points to sneak below the 11700 mark. It was followed by some
consolidation till the mid session; but as the second half underway, the selling
intensified across the broader market and hence, yet another bout of sell off
eventually dragged the Nifty below 11600 on a closing basis. Tuesday we had a
flat to positive opening as indicated by the Nifty early in the morning. This
was followed by a gradual up move with lack of momentum for the major part of
the day. However, during the penultimate hour, all of a sudden, bundle of
heavyweight constituents started facing severe selling pressure and as a
result, the Nifty dropped inside the negative territory within no time.
Eventually, we ended the session well below 11600 by losing nearly two tenths
of a percent. Tuesday’s weak closing was followed by a gap up opening on Wednesday
with a very small margin. There were no major triggers on the domestic as well
as global front and hence, we slipped into a consolidation thereafter. The
intraday range shrunk considerably, resulting into a lack of momentum. However,
from nowhere, there was sudden gush seen in the market at the stroke of the
penultimate hour and what we witnessed thereafter, was really a jaw dropping
development for our market. In last one and half hours, Nifty not only elevated
from the key support levels; but also managed to reclaim the 11700 mark with
some authority. Wednesday’s spectacular recovery was followed by a flat opening
on Thursday with mildly positive bias. The index then continued its northward
trajectory towards the 11800 mark. However, we witnessed massive profit taking
at higher levels and hence, we were well off from the kissing distance of
11800. This sell off aggravated during the last hour of the day, which led index
convincingly below 11700 within a blink of an eye. Eventually, this volatile
session ended with a loss of over seven tenths of a percent.
