In the weekly analysis, we analyze the whole week’s movements on a technical basis. This week was eventually highly volatile and sudden unexpected moves we have seen in the market. This week the Nifty index moved up and closed above 12000, NIftybank index settled above 32000 and the Sensex ends above 41000. On the weekly basis the Nifty index gains 165 points, Niftybank index gains more than 670 points and the Sensex gains more than 550 points respectively.
On a week to week basis, the Nifty index opened at 11939.10 went up to 12098.85 and closed at 12086.70 after making the low of 11832.30. Niftybank index opened at 31321.40 and stay volatile between 32105.05 to 30996.40 and settled at 32014.25.
As per the last view, ‘if the Nifty index will trade above 11985 then it can go up to 12000 to 12055 and if the Nifty index breaks and sustains below 11900 then it can fall towards 11850 to 11800, and the index fell till 11832 after sustaining below 11900 and went up to 12098 after breaking 11985.
For the next week’s trading, if the Nifty index sustains above 12000 then the upside rally will be continuing till 12125 and more. If the Nifty index breaks and sustains below 12000 then it can fall from 11900 to 11800.
Above is the Nifty index daily chart. From the chart above it can be seen that the index has made double bottom on the daily chart. The index bounced back after making the bottom of 11832 and reclaimed 12000. Technically the market is looking positive on the daily chart and the upside rally can continue and the market can give new highs in the coming days.
Nifty trading zone from 16-12-2019 to 20-12-2019
Upside resistance(weekly):- 12100, 12180, 12275.
Downside support(weekly):- 12000, 11915, 11800.
|BOROSIL||Dividend – Rs. – 0.6500||18 Dec 2019||————–|
|IBVENTURES||Buy Back of Shares||18 Dec 2019||19 Dec 2019|
|INFRATEL||Interim Dividend – Rs. – 2.7500||19 Dec 2019||20 Dec 2019|
|ABB||Spin Off||20 Dec 2019||23 Dec 2019|
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