NiftyFuture last close: 10905.05 (+1.80%)
What a terrible week……… NiftyFuture has ended weekly gain of 1.3% but lot of volatility was seen in last entire five sessions.
Nifty has closed above psychological level 10900 and almost 47% recovered from March 24th lows.
(On last week my Youtube video of weekly analysis I said “NF weekly support at 10530 and resistance 10900” Click here to check my video )
Do you know? NF made a low was 10553 on last Tuesday and made a high of 10935 on last session. My both levels came on last week
On Monday was seen NF consolidated. On Tuesday NF was fell 1.80% ahead of global cues. On Wednesday first half NF was gained almost 200 points after RIL AGM erased all gain. On Thursday, IT stocks was contributed especially INFY rose 12% and NF gained 0.8%. On Friday, Bulls dominated entire day and NF rose 1.8%.
On Friday, Indian market was outperformed despite of broader market underperformed
Negative news is Covid-19 case crossed 10 lakh in pan India and Positive news is active cases is just 3.5 lakh. Around 6.5 lakh recovered case.
On 24th March….. In India Covid-19 case was 300. No one want to buy and Nifty was lower circuit at 7555.
On Today…… In India cases at 10 lakh. Everyone want to buy and Nifty around 11000.
India’s largest private bank HDFC has reported 19.6% YoY growth and Profit increased sharply to Rs 6658 Cr Vs Rs 5568 Crore. Net NPA dropped to 0.33% during the June quarter Vs 0.36%
Coming week there is no macro economic data
Nifty50 some companies will be declaring results like Axisbank, Acc, Bajaj twins, HUL, LT, Bajajauto, Asianpaint and Itc
FIIs net sold 3990 crore worth of stocks in cash segment up to 17th July whereas DIIs also sold 2239 crore in July month so far.
NiftyFuture Weekly Trend Decider 11000 and 10580
As per technical chart NiftyFuture has formed a completely bullish candle on ended Friday’s trade
Finally NiftyFuture has broken 200DMA and closed above the level and after a long time NF has closed with a premium of 4-5 points
Now, NF is facing a weekly resistance around 11000 which was 6th March gap to be filled
Once if breaks and closes above the level, Bulls will get more power and NF finding a next positional resistance at 11300-11400.
On another hand, NF can be considered as supports 10730, 10640 and 10580
Above three supports are very crucial for coming week. If comes lower levels can buy with keep a stop of supports means buy on every dips.
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Updated: 09.44 AM / 19th July 2020
