WEEKLY RESISTANCE FOR NIFTY: 11400, 11500, 11600
PIVOT POINT: 11300
WEEKLY SUPPORT FOR NIFTY: 11200, 11100,
11000
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11350, 11450, 11550
PIVOT POINT:11275
DAILY SUPPORT FOR NIFTY : 11325, 11225, 11125
DAILY CHART FOR NIFTY
This week’s
mayhem continued as we saw a gap down opening of the week followed by a
sustained selling throughout the first half in Monday’s session. This sell off
was disheartening because the stable propositions like HDFC Twins and Kotak
Bank also finally succumbed to the market destruction. These marquee names have
been reluctant to correct since many months and in fact, have propelled index
to the record highs. But monday, they looked completely dejected and hence, correction
reinforced to test the 11300 mark. Fortunately, the selling got arrested in the
latter half and we had a small bounce back to eventually close around 11350. Tuesday,
started slightly higher but similar to recent trends, this gap up opening was
merely a formality and in the initial hour, we were back to Monday’s low. Once
again, we saw some respite at lower levels and in the penultimate hour, index
surged towards the 11400 mark. Things looked good but mighty bears had other
plans as we saw a complete nosedive once we stepped into a final hour. In the
process, we erased all gains in a flash and due to mild recovery towards the
end, Nifty closed with marginal losses. Wednesday seems that our markets are
not even interested looking at what global market was doing. While US bourses
hitting record highs every day, our market still looks dejected and Wednesday
too, we had a massive cut in the first half after breaching the 11300 mark.
Fortunately, the fall got arrested at a kissing distance from 11200 and
thereafter, we kept oscillating with volatile swings throughout the remaining
part of the day. Eventually, the Nifty concluded with over half a percent cut. Thursday
had a flat opening owing to mixed global cues. However, during the first half
an hour of the trade, we saw strong bout of buying to push the index near
Wednesday’s high of 11359. In fact, in this process, Nifty managed to surpass
it by a small margin and then similar to recent trend, this lead got sold into.
Thereafter, index struggled throughout the remaining part of the day to
eventually conclude the July series at two month’s low. Friday market ended lackluster trade with marginal gains. Nifty
traded range-bound for better part of the day tracking corporate earnings and
weakness in global markets. Nifty settled at 11284 mark up 32
points.
NIFTY: A STRONG SUPPORT WILL BE @ 11100; STRONG RESISTANCE LEVEL SEEN @11500
