NiftyFuture last close : 11064.65
NiftyFuture was managed and closes above 11000 mark on consecutive second week. Some relief rally on Metal, Media, PSUBanks and major rally on Reliance after AGM.
On Macro economic data, Wholesale inflation hit a 25 month low in July and WPI stood at 1.08% in July vs 2.02% in June.
Global news : US President said US-China productive trade talks and expected the two nations to meet in September despite imposing tariff on over $125bn worth of imports Chinese imports effective on Sept 1st.
Our weekly chart analysis NiftyFuture formed a higher low on last seven sessions. That means index recovered from oversold zone.
Now, NF is facing a weekly and very strong resistance around 11180-11200 (200 DMA). If crossover and closes above the level……. Expecting fresh up move.
On the other hand, NiftyFuture can be considered as supports as 10920, 10880 and a very strong crucial support at 10800.
Suppose if breaks crucial support 10800, Expecting another round panic and sharp selling pressure!!
Close watch above supports and resistance levels. Happy trading!!
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Updated : 01.11 PM / 17th Aug 2019
