NiftyFuture last close: 9027.80
What I did written on May 3rd week NiftyFuture trend ?? Click here
Last week boldly I did mentioned NF strong support at 8800. Did you know ? Last week NF low ? Yes, Exactly NF was made a low of 8811.05 then bounced and weekly close at 9027.80
NF remained under selling pressure for the third consecutive week. Finally NF was fell 110 points weekly loss.
On last week, Sentiment was not good. Tensions rising between the USA-China tariff tensions, India – China border tensions
Lack of demand boosting measures from the center, NPA pressure on banking and financials after extension in the moratorium period up to Aug 31
FIIs sold heavily in cash segment and rising number of Covid-19 cases in the country
Positive news was, Govt relaxed some industries with 50% of labour. Europe and US have already reopened
Major company will declaring earnings reports on coming days HDFC, Sunpharma, Lupin, Dabur, Tvsmotor, Voltas, Mcdowell, Bata, Ujjivan, Ceat, Kpit, and JSPL
FII’s net sold 6920 Crore worth of stocks in last week and previous week was they sold 5950 Cr
FIIs mood was failed which was Govt announced Rs 20 lakh crore financial packages
Oil prices continued gain for the fourth consecutive week following easing of lockdown restriction in many parts of the world.
Indian rupee was fell 40 paise during the week to close at 75.95 Vs $
NiftyFuture weekly trend decider is 8800 and 9180
On last week, NF was witnessed hammer kind of formation on the weekly chart like NF if bounced seemed selling pressure at higher levels.
Hence, The overall trend could remain in favour of bears, Chart formed bearish candle for the consecutive third week. Means NF was broken previous week low.
Chart indicates, NF if will take trend reversal pattern and will move around 9180 for the weekly resistance
NF if manages to sustain above 9180, Expecting pullback and short covering up to 9280 and 9400.
On the other hand, NF could take support around 8940 and 8810
NF will take very strong and crucial support at 8810. Suppose if failed to take support at 8800 and if manages below the level
Expecting another round panic up to ??
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Updated : 09.24 AM / 25th May 2020
