Nifty 50 IndexLong
NIFTY 50
• Nifty started the week on a flat note however selling pressure throughout the week led the index to end on a weak note. Nifty closed at 17476 with a loss of 309 points on a weekly basis.
• On the weekly chart the index has formed a long bearish candle forming lower High-Low compared to previous week indicating weakness at current levels
• The chart pattern suggests that if Nifty crosses and sustains above 17700 level it would witness buying which
would lead the index towards 17900- 18100 levels.
• However if the index breaks below 17400 level it would witness selling which would take the index towards 17100-17000
• For the week, we expect Nifty to trade in the range of 18000-17400 with mixed bias
• .The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.
• On the weekly chart the index has formed a long bearish candle forming lower High-Low compared to previous week indicating weakness at current levels
• The chart pattern suggests that if Nifty crosses and sustains above 17700 level it would witness buying which
would lead the index towards 17900- 18100 levels.
• However if the index breaks below 17400 level it would witness selling which would take the index towards 17100-17000
• For the week, we expect Nifty to trade in the range of 18000-17400 with mixed bias
• .The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.
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