Monday, 31 December 2018

V-Shaped Recovery Lifts Nifty Above 10,850-Levels

Posted by suhani varma on Monday, December 31, 2018 with No comments


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Volatility led the Nifty to the dips of ~10,500 followed by a sharp V-shaped recovery which helped it reverse all its losses. The recent two-day fall failed to dent the overall structure for the index.

In fact, the Nifty respected its immediate previous low of 10,333 (which will now act as important support) hit on December 11 and has bounced back to form a higher low.

Going forward, 10,950-11,000 will act as an important resistance zone for the Nifty and a breach above this could lift the index towards 11,200-levels.

Bank Nifty, meanwhile, also reversed its losses to close the week with smart gains. Going ahead, 26,800 is going to act as important support and 27,500 will be a crucial resistance for the index.
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