Support and Resistance for Nifty

Posted by Emma5858 on November 16th, 2019

The index started trading for the week on a positive note and strolled higher during the first couple of hours towards the 12000 mark. Nevertheless, the index revised marginally from its highs of 11989 and some time later consolidated for rest of the session inside a small range to end at 11941, registering gains of around 50 points. Quiet similar to the last usually scarcely any sessions, our markets started on a positive note on Tuesday. Regardless, it required follow up move and step by step declined for the most bit of the day.

In last couple of hours, Index discovered interest at lower levels which triggered a bounce to erase significant bit of the morning losses. Support and Resistance for Nifty at long last ended with a marginal loss of 24 points at 11917. The Nifty Trend Today opened on a flat note on Wednesday and redressed towards the support of 11843 in the initial couple of hours. Traders took this dip towards the support area as a buying opportunity and as a result, the index by then restored higher for rest of the session and tested the 12000 mark.

The general market breadth was supportive of the advances and the index ended the day smidgen underneath 12000. On Thursday the administration's statement of its arrangement to restore the real estate sector boosted the sentiments of market participants and thus, Nifty Support and Resistance opened squat over the 12000 mark. Nonetheless, it traded inside a slim range and ended the session contact more than 12000 for the first time in last five months. On Friday After showing resilience in the early hours of the trade, market went under heavy selling pressure in the last hour of the session after global rating agency Moody's lowered India's outlook to 'negative' from stable.

In our sense, the northward trajectory is presumably going to continue and soon we are likely going to go to land at new milestones. Support and Resistance of Nifty are sounding sanguine, because in the progressing move from 11800, the general market breadth has improved drastically and it's always a sign of a robust assembly. For the coming week, 11850 – 11750 – 11650 would be seen as immediate support levels for Nifty Trend. In case of a spoil towards these basic junctions, traders are advised to use it as an opportunity to go long with a Nifty Trend for Today.