In the week gone by NIFTY has made an inside bar on weekly charts. However the price action for the last five weeks clearly show buying emerging at lower levels and one can see higher lows being registered in the last five weeks. Based on price action in shorter time frame and also after looking at the FnO data we think the market is likely trade sideways with in the range of 16330-16100 with an upwards bias. Once the index breaks 16300 decisively it can push to higher targets. On the other hand if 16100 is not defended on a closing basis we could see the market moving downwards.
Important levels for the week and day are given below
Bullish Above 16130
Possible Upside targets - 16180/16230/16280/16310/16330
Bearish Below 16080
Possible Downside targets -16020/15980/15940/15900
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades
Important levels for the week and day are given below
Bullish Above 16130
Possible Upside targets - 16180/16230/16280/16310/16330
Bearish Below 16080
Possible Downside targets -16020/15980/15940/15900
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades
