WEEKLY RESISTANCE FOR NIFTY: 11900, 11950, 12000
PIVOT POINT: 11800
WEEKLY SUPPORT FOR NIFTY: 11750, 11700,
11650
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11850,11900,11950
PIVOT POINT:11815
DAILY SUPPORT FOR NIFTY : 11775,11725,11675
DAILY CHART FOR NIFTY
Nifty finally managed to close
above 11800 mark. We had a head start for the current week and with Union
Budget scheduled on 5 july 2019. Monday
morning, there was a complete sea of green in all equity markets across the
globe, mainly on the back of some positive developments with respect to
US-China trade war over the weekend. Our markets too had a rub off effect of
this and as a result, we opened higher well above the 11800 mark. This was
followed by a consolidation throughout the remaining part; but the bias
remained strongly bullish as we witnessed a series of higher highs higher lows
to conclude with over six tenths of a percent gains. Tuesday, our markets
started on a positive note owing to global cues. However it was merely a formality
as we saw index sliding into a negative territory in the initial trades and in
the process went on to test the psychological support of 11800 (low 11815). In
line with recent pattern, this the dip was construed as a buying opportunity
which accelerated in the latter half to not only reclaim the positive territory
but also to conclude the session above the 11900 mark. Wednesday our markets
opened higher in-line with what Nifty had indicated. After initial hiccups,
index settled above the 11900 mark and then gradually extended the early
morning lead. However, some profit booking was witnessed at the stroke of the
final hour, which pared down major portion of gains to conclude with negligible
gains. Thursday also had a gap up opening;
however the margin has not been so great. During the day, we witnessed
completely lackluster moves as there was no participation seen ahead of the
major event (Budget). Some small swings were seen in the final hour; but it was
certainly not a notable movement. Hence, Nifty eventually ended tad below the
11950 mark by adding one fourth of a percent to the previous close. On Friday Market
came down after Union finance minister Nirmala Sitharaman presented her maiden
budget. The sensex dropped nearly 450 points, while the Nifty tested 11800-levels
as soon as the Budget speech was over. Sensex crashed 450 points 39459; and
Nifty moved 143 points or lower to 11804.
NIFTY: A STRONG SUPPORT WILL BE @ 11590; STRONG RESISTANCE LEVEL SEEN @12000