We analyze the whole week’s movements in the weekly analysis. This week was highly volatile and sudden unexpected moves we seen in the market. The RBI policy has kept unchanged its repo rate in the MPC meeting this week. This week the Nifty index unable to hold 12000 and closed above 11900, Niftybank index settled at 31341 and the Sensex ends below 40500. On the week to week closing basis the Nifty index loses –135 points, Niftybank index loses –605 points and the Sensex loses –348 points each.
On a week to week basis, the Nifty index opened at 12137.05 went up to 12137.15 and closed at 11921.50 after making the low of 11888.85. Niftybank index opened at 32008.30 and stay volatile between 32127 to 31250 and settled at 31341.55. Sensex opened at 41072 made a high of 41094 low 40337.53 and closed at 40445.15.
As per the last view, ‘if the Nifty index holds above 12000 then more upside movement can be seen the coming days and if the Nifty index breaks and sustains below 12000 then again it can fall towards 11900 to 11850, and this week the Nifty index went up to 12137 after sustaining above 12000 and fell till 11888 after breaking below 12000.
For next week’s trading, if the Nifty index will trade above 11985 then it can go up to 12000 to 12055. If the Nifty index breaks and sustains below 11900 then it can fall towards 11850 to 11800.
From the above weekly chart it can be seen that the index closed above the resistance last week but this week it was not held and closed negatively. The Nifty index taking support near 11880 and trading in the range of 11900 to 12100. On Friday the market has shown profit booking on the higher side. Technically, the Nifty break out the resistance last week but few momentum indicators are at overbought levels. In the coming week, the market can be in a range-bound or more profit booking that can be seen from the higher levels.
Nifty trading zone from 09-12-2019 to 13-12-2019
Upside resistance(weekly):- 11985, 12075, 12230.
Downside support(weekly):- 11880, 11825, 11735.
|EVANS||Interim Dividend – Rs. – 1.0000||10 Dec 2019||11 Dec 2019|
|NESTLEIND||Interim Dividend – Rs. – 55.0000||11 Dec 2019||11 Dec 2019|
|PIRPHYTO||Amalgamation||11 Dec 2019||12 Dec 2019|
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GSI Team is the technical expert team of Above Stocks, which is lead by the Aarish and works on giving the latest and accurate information about the Nifty and its prediction.