Nifty Weekly Update

NSE:NIFTY   Nifty 50 Index
Lets Quickly Check Weekly Chart, So this week nifty closed on negative note ( -70 points). Weekly opening was quite and Nifty also tried to fill the gap created in Feb18, however it did not closed above it on weekly basis.

As i have mentioned in my previous post , that Nifty has this Gap on its weekly chart from where it has seen quite a fall, and for any upcoming rally, as and when prices approaches these levels, it would not be easy for index to cross these level at first instance and index may face resistance there.

As Expected Nifty did faced Resistance there and formed a bearish candle closing near its low. This Candle has long Upper shadow, indication supply pressure or profit booking.

One More thing to observe is that this Gap Area Coincides with Fibonacci major Resistance Ratio ( .618 ) @ 10705.64.

Let see what Nifty prices action will unfold in the coming week.
From current scenario, we can expect that index might consolidate near these level , hence near support and resistance should be kept in mind and price action should be watched carefully.

Weekly Support stands @ 10560-10550 levels.
Weekly Resistance @ 10700-10740 and @10900 levels.


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