NiftyFuture last close : 11955.70, Spot last close : 11921.50
NiftyFuture has witnessed weakness during the week & posted a weekly loss of 1.10% at the end of the week.
RBI has kept policy rate unchanged, Banknifty lost 1.8%, PSU Bank index slide 7.85% ahead of RBI Policy. On the sector wise, Pharma down 2.8%, Auto index melted 3.46% and Metals fell 3.41%. On the other hand IT stocks ended inches up.
On Friday, NiftyFuture saw a sharp selling pressure and index down 0.8%. Made a high of 12082 and slide up to 11931………. Finally closed at 11955.70.
On weekly chart NiftyFuture has shown weakness but monthly monthly chart looks positive only.
NF something cooking at higher levels likes 12070, 12120 and 12180. In last 8 sessions index has traded above the levels…….. U know ?… FIIs have consecutive sold that levels.
There is no visible any major positive news…….So if rise above levels can sell.
On other hand, Chart indicating fibonacci retracements & very strong support at 11825 (Spot 11800)
NF if fails to take support at 11825 and closes below the level…….. Trend will be changed to NEGATIVE
Further weakness will be expected up to 11635 and 11500
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Updated : 09.50 PM / 07th Dec 2019
