Nifty 50 IndexLong
NIFTY 50
Nifty started the week on a negative note but witnessed buying at lower levels to end the week on a positive note. Nifty closed at 16630 with a gain of 385 points on a weekly basis.
• On the weekly chart the index has formed a long bullish candle however it continues to maintain lower high-low as compared to previous week which signals lack of strength.
• Since past couple of weeks, the index continue face stiff resistance around “multiple supply zone” of 16800-16850. “multiple supply zone” of 16800-16850 levels which also coincides with the “bearish gap” (17027-16705) as well as 20 and 200 day SMA’s hence going ahead any strong close above 17000 mark may lead fresh upward rally.
• The chart pattern suggests that if Nifty crosses and sustains above 16800 level it would witness buying which would lead the index towards 17000- 17300 levels. However if the index breaks below 16400 level it would witness selling which would take the index towards 16200-16400.
• For the week, we expect Nifty to trade in the range of 17000-16200 with mixed bias.
• On the weekly chart the index has formed a long bullish candle however it continues to maintain lower high-low as compared to previous week which signals lack of strength.
• Since past couple of weeks, the index continue face stiff resistance around “multiple supply zone” of 16800-16850. “multiple supply zone” of 16800-16850 levels which also coincides with the “bearish gap” (17027-16705) as well as 20 and 200 day SMA’s hence going ahead any strong close above 17000 mark may lead fresh upward rally.
• The chart pattern suggests that if Nifty crosses and sustains above 16800 level it would witness buying which would lead the index towards 17000- 17300 levels. However if the index breaks below 16400 level it would witness selling which would take the index towards 16200-16400.
• For the week, we expect Nifty to trade in the range of 17000-16200 with mixed bias.
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