Market Summary: – In the past week, The Nifty50 index rebounds and bounced back from the support level of 11000. After nine days of straight drop triggered by the US-China Trade War.
During this week, we saw The Indian benchmark index NSE Nifty50 starts on a strong positive note on the exit poll result of NDA wins and registered a remarkable gain of 440 points on Monday. On Tuesday, the benchmark index capitalized on the previous day gain and hit an all-time high of 11883 but fails to hold and slips down to 11682 before finally settled at 11709. In today’s trading session, the Nifty50 index opens flat to positive and remains sideways with the positive biases. The index edges up 28.80 points to 11737 by the end of the trading session.
Nifty50:- The Nifty50 index bullish trend may resume rally above the crucial resistance level of 11883 for the upside of 11983-12100-12240. On the contrary, it has support at 11660-11550-11440 to the downside.
The options data suggest Nifty may find strong resistance at 12000 levels while it has strong support at 11500 levels.
Put to Call ratio stands at 0.99.
The Indian volatility index VIX ended up by 7.72% to 27.63.
On an immediate basis, the index is in positive momentum and trading in a small range. The trading range resistance placed at 11760 while support placed at 11680.
Well, it will be interesting to watch, that today’s range bound movement will act as a base for the upside rally or form a base for small bearish flag pattern.
The Lok Sabha Election 2019 result scheduled to announce tomorrow may set the tone for the market.
Moneyites.com recommends stay cautious in the market and Buy low near the support level and sell high at the resistance level with strict stop loss will be a profitable move for tomorrow. As volatility has an upper hand on the market and market to take direction from the counting of the votes.