Nifty likely to fluctuate even though resistance is overcome

K. Aravind

The Nifty was able to break the strong pressure of 11,377 points last week. The last few weeks have seen the market plummet under this pressure and try to break this level again. In the end, the Nifty succeeded. The Nifty was able to rise above 11,400 points this week.
At the same time, the stock market has been volatile this week. Fluctuations in global markets were also reflected in the Indian market.
It is noteworthy that the Nifty overcame the pressure at 11,377 points without the support of Reliance Industries. Earlier, Reliance had played a key role in boosting the market. But Reliance has not made much progress in the last two weeks. Last week, other major stocks also played a key role in the market. Leading stocks were mainly automobile and banking stocks.
It is the availability of funds that has strengthened the market. Last week, foreign investment firms showed interest in buying shares. At the same time, domestic investment firms are selling.

The pressure at 11, 377 is above the Nifty level and the pressure is at 11,550. The critical pressure level above that is 11,800. At present it is supported at 11,100 points. The market is likely to trade within a range for a while. As Reliance did not participate in the rally, the performance of banking stocks will now play a major role in the market.

The strength of the market is the availability of funds. Investment inflows will continue to be crucial for the market.