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WEEKLY RESISTANCE FOR NIFTY:
12100, 12200, 12300
PIVOT POINT: 11900
WEEKLY SUPPORT FOR NIFTY: 11800, 11700,
11600
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 12000, 12050, 12100
PIVOT POINT: 11900
DAILY SUPPORT FOR NIFTY: 11800, 11750, 11700
DAILY CHART FOR NIFTY
The index has
undergone a corrective move in three out of four trading sessions so far this
week. Even the market breadth remained in favor of declining counters, which
indicates profit booking in individual stocks. At this juncture, it is trading
this week with a loss of around 0.31 percent. On the other hand, the Nifty Bank
index too suffered some selling and is trading with a loss of 0.73% from its
previous week’s close. Monday
morning, the global cues were excellent and were ideal to have a head start for
the first week of December. In line with this, we had a gap up opening with a
fair margin; but it was merely a formality to remain in sync with the Asian traders. Within a few seconds, the lead got disappeared and we were back below
12100. After this, the Nifty made one more attempt to inch higher but once
again this short up move got sold into. During the remaining part of the day,
market consolidated with no major movement and eventually ended the session
with a negligible loss on Monday. Similar to Monday’s session, the early
morning gap up opening was merely a formality as we saw index giving up all
gains in few minutes of trade. In fact, the selling aggravated as the day
progressed and in the course of action, Nifty was at a kissing distance from
11950. At one point, things looks extremely bleak; but fortunately for us,
patient buyers entered on declines which helped index recoup some portion of
its losses at the close. On Wednesday once again the escalated concerns over
Sino-US trade war spooked the market participants across the globe. Fortunately
for us, we did not react so negatively to this development as some of the
global peers did. After seeing a marginal cut at the opening, the index picked
up strong momentum in the upward direction in first 30 minutes of trade. In the
process, Nifty managed to reclaim the 12000 mark. However, the selling recurred
at higher levels; resulting into a nosedive below 11950 at the midst. By the
grace of god, traders / investors were given yet another opportunity to smile
as we witnessed not only a v-shaped recovery but also a convincing break above
morning high to end the session by adding over four tenths of a percent to the
bulls’ kitty On Wednesday, we had a strong last hour surge in our market, which
probably was the reflection of hopes built for yet another rate cut by RBI. In
line with this, the market was trading with a positive bias ahead of the
monetary policy; but ‘Status Quo’ from RBI clearly disappointed market
participants and as a result, the Nifty gave up all gains and slipped into a
negative territory. The most sensitive index, Bank Nifty tumbled from morning
highs and remained under pressure thereafter. Eventually, the day ended with
some cuts on indices as well as the broader market.
