NiftyFuture last close : 9137
On last week Nifty50 was fell 1.24% for the week and formed bearish candle on the weekly chart.
Bears still have upper hand on last entire week
I did mention on last week (10th May) NF weekly trend “NF facing a weekly resistance at 9550 and weekly support around 9100”
Did you know last week NF high ?……. 13th May NF was made a high of 9557 and same day closed 9393. NF weekly closed also 9137. NF was moved as per my given levels.
On 12th PM was announced economic relief package but market failed to cheer the package
After PM speech, FM was delivered on last 4 days stimulus packages details, But market not reacted little bit by the packages
Hence, the volatility in the market is likely huge and continued rise in new confirmed cases of Covid-19
Uncertainty in the global market, US-China trade tensions. US President said cutting relations with China.
The US needed to stop the Unreasonable suppression of chinese companies like Huawei the report said China’s foreign ministry.
Oil priced managed around $30 and Brent crude rising 5% to $32.50 a barrel
India is ready to entry the fourth phase of lockdown 4.0 from May 18th
PM said during his address to the nation on May 12th, Lockdown 4.0 will have different set of rules and regulations.
India waiting for the new rules and guidelines!!
Many companies will deliver earnings reports this week like, Bhartiartl, Bajajfinace, Bajajauto, Upl, Ultratechcem, Dmart, Colpal, BajajFinsv, and JubilantFood.
This week NiftyFuture range between 8800-9400
On last week, NF was broken previous day’s low, That’s sign for bearish and formed weekly candle also bearish. Last entire week bears was dominated.
This week NF is facing a support at 9040. NF once if breaks and closes below the level
Expecting further weakness up to 8920 and 8800…….. Very strong support around 8800.
Suppose if failed to take support at 8800……….. Will see more and more selling pressure below the level up to 8500
NF is facing a weekly resistance 9270 and 9400, If crossover 9400 and next resistance also very near 9550.
So, Stay cautions at resistance zone or can sell. Avoid fresh buying at higher levels!!
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Updated : 11.20 AM / 17th May 2020
