Weekly Markets Action

Weekly Markets Action

Nifty snapped its six-week winning streak, falling over a percent in the week gone by.

However, for the entire month of July, the benchmark index jumped 7.49 percent even as concerns over rising coronavirus cases, souring US-China relations, and deteriorating macroeconomic indicators persisted.

On the previous trading session (July 31), Nifty closed 29 points, or 0.26 percent, lower at 11,073.45 while Sensex finished 129 points, or 0.34 percent, down at 37,606.89.

According to pivot charts, the key support level for the Nifty is placed at 11,016.67, followed by 10,959.83. If the index moves up, the key resistance levels to watch out for are 11,140.37 and 11,207.23.

Nifty Bank
The Nifty Bank index closed 0.03 percent lower at 21,640.05 on July 31. The important pivot level, which will act as crucial support for the index, is placed at 21,407.77, followed by 21,175.43. On the upside, key resistance levels are placed at 21,839.67 and 22,039.23.

Nifty Chart

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