NiftyFuture last close: 11351.75
What I did mention in my last Dalal street week ahead ?? I told NF weekly resistance at 11780 and weekly supports 11400 and 11250. (Click here last week Dalal street update)
Do you know last week NF high and low ?…….. On Monday NF was opened gap up and made a high was 11794 and my weekly resistance 11780. On Friday NF made a low of 11310.
On last week NF fell 2.6% in week ended Sept 04. Sensex fell 2.9% to 38357 dented by weakness in global cues and India-China border tensions.
On Monday after markets hours came GDP 23.9% and uncertainty over load recovery after SC order also hit sentiment.
Some positive news was Auto sales recovered in August sales data and AGR verdict by SC. Both news was supported the market
Not in Indian market even broader markets also corrected in last week especially US markets was seen significantly lower level
On last week Telcom index climbed 1.5%, Bank index fell 6.3% and Midcap dropped 2.9%
India-China border situation will play a crucial role in the coming week
Meeting held in Moscow with Defence Minister Rajnath Singh and Chinese General Wei Fenghe
SC hearing on petitions seeking interest rate waiver for the moratorium period is scheduled to be held on 10th Sept
India crossed 40 lakh confirmed Covid-19 infections with around 69000 deaths. The recovery rate stood at 77% against 76% in last week
Weekly trend decider 11600 and 11260
NiftyFuture has formed a bearish candle on Friday and bearish engulfing pattern formation on weekly close indicating further weakness and volatile in coming days
Let’s see technical views……… NiftyFuture facing a weekly resistance at 11475 and 11600
Above two resistance are crucial for coming week. Stay caution at higher levels.
Once if comes higher levels can create shorts with a stop of 11600.
Suppose if crossover and manages above 11600……. Will try to check 11750 for positional
On another hand, NF considering a weekly support at 11260
If breaks and manages below 11260 and finding a next support around 11100-11150
Very strong support at 11100.
Are you bull ? Can buy at every declines and keep a stop of 11100 for closing basis.
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Updated: 10.21 am / 06th Sept 2020
