On weekly closing basis it saved a very critical support 9600

NSE:NIFTY   Nifty 50 Index
The 9800 targets set by us was attained this week. Nifty moved down sharply without sparing any stock on the street. On the weekly closing basis it saved a very critical support 9600 levels, which we consider as the last stand for bulls, below it the hell is open. The RSI was heavily oversold, on Thursday the reading of RSI was 13.05 this was the lowest reading for the last 20 years! So a pullback was not ruled out. The pullback on Friday after hitting the circuit wasn’t strong enough to pull up the averages. The strength pullback from current levels will decide the further course of the markets. 10470, 10720 & 11060 are probable resistance points, as Nifty reach them, the price action on these levels has to be studied to take any further action. On the downside 9600 is still the last support below which any estimation currently is not possible. Nifty is currently into sell on rise mode unless momentum proves otherwise.
Bharat Jhunjhunwala


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