Nifty was unable to break the 10,550 level in the first three days of the week. There was strong volatility in the market. But on July 3, it was able to break this level and close above 10,550.
The announcement by the Indian Council of Medical Research that a vaccine to defend COVID-19 would be available in the market before August 15 was able to rejuvenate the market. This report helped Nifty break the 10,550 point.
According to the Fibonacci ratio, 11,300 point is the next level of resistance. Even at 10,800 there will be a bit of resistance. But the main resistance is at 11.300 point.
The monsoon until now has been excellent, and that aided the market. The statistics related to the next phase of monsoon will be decisive. If the border issue doesn’t worsen, the markets will continue on the path of gain. Even global market indexes would be detrimental to the surge in the market.
Automobile, FMCG and Financial services put up an excellent show in the past week. At the same time, the performance of pharma and metal sectors were weak
All signs point to the fact that the market would be able to survive the economic crisis from the grip of the bear phase following the breakout of COVID-19. The market has to continue in the 10,550 level for the next few days before it can be confirmed that the market has moved to this positive level. If that happens it can be ensured that the market has reached a new level of growth.
Menu
