NIFTY 50 8086.80 (-27.50)↓(-0.34%)
On Monday, The Nifty saw a sharp upside rally of 80 points from a low of 8066.5 to make a high of 8146.5 and finally closed nearly 12 points higher at 8126.9 with gains in different sectors. However, banking shares led by state-run State Bank of India (SBI) were under pressure after the Reserve Bank on Saturday introduced an incremental cash reserve ratio (CRR) of 100% for the fortnight to absorb the surge in liquidity in banking system following demonetization of high value notes. On Tuesday, Market close on a positive note nifty moved a sharp upside rally of 69 points and made a high at 8197.35. On Wednesday, Nifty continues the follow buying trend nifty saw an upside rally of 82 points and closed above 8224. On Thursday, Nifty opened at 8252, above its previous day's high of 8234. After testing the same level in the first 15 minutes it experienced a selloff of 65 points from a high of 8250 to make a low of 8185. Nifty finally closed nearly 33 points lower at 8192. We had recommended on last week research report (see our weekly report 28 Nov to 2 Dec) [we advised to if Nifty future Buy above 8150 target will be 8300-8400. OUR 1st TARGET ALMOST ACHIEVED ON THURSDAY 1 DEC 2016 NIFTY MADE HIGH AT 8272.5] On Friday, Market was highly volatile with the Nifty indices breaching crucial psychological levels of 8,100, respectively; amid brisk selling on the Frontline blue chip counters. The Nifty50 (spot) opened the week at 8080.65, made a high of 8250.80 low of 8066.50 and closed the week at 8086.80. Thus the Nifty closed the week with a losing of -27.50 points or -0.34%.
Formations
•The 20 days EMA are placed at 8210.70
•The 5 days EMA are placed at 8134.22
Weekly Pivot Levels for Nifty 50 Stocks
REPORT FOLLOWUP:-
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