Nifty suffered a biggest single day loss (in absolute terms) since August 24, 2015 which took the indices to almost four month low tracking weakness in global markets.
The index shed more than 800 points for the week to 11,201.75, the lowest level since October 7, 2019. The market breadth was in the bear grip as about four shares declined for every share rising on the exchanges.
In the monthly chart, Nifty faced strong resistance from 12450-12500 and witnessed steep selloff similar to previous resistance point. However, the lower line of the monthly channel and 30 SMA (from where index bounced in the month of August and September) comes at 11100; which is likely to act as a crucial support for Nifty on a monthly basis.
In hourly chart, the index opened with a huge gap down of more than 235 points on Friday and the selloff extended throughout the day following the selling pressure in the international markets.
Technical indicators including Stochastic, RSI, MACD and CCI are trading in their respective oversold zone and looks weak as of now.
Nifty Hourly chart
Nifty stayed in red in all five days of the trading week and shed more than 800 points on corona virus and pressure from International market. Probable support zone in the daily chart comes at 11090-11140 which is likely to act as a strong support area.
Technical parameters including RSI, CCI, Stochastic and MACD are trading in their respective oversold zone and looks weak as of now.
Nifty Daily chart
In the weekly chart, Nifty is presently trading at the convergence of uptrend line at 11175 and weekly support zone 11080-11180 which is likely to act as a crucial support area to watch out for. There may be a short term bounce in index in the coming week until the above mentioned support zone is not violated.
Technical parameters including CCI and Stochastic are trading in their respective oversold zone and RSI is present right above the oversold area which suggests weakness on an broader basis.
Nifty Weekly chart
Nifty Tech Table