Nifty 50 analysis and targets for coming week
Nifty if breaks the lower trendline of the channel it i.e. comes below 21800 it can turn negative, it will have targets as 21740, 21640, 21540, 21440. If none of the support work then 21240 can be also an extended target on downside.
On upside 22140 will be hurdle but it that is crossed and a closing above 22140 is formed it will start nifty to another up move but chances are shrink for the up move.
1. Strong gap up and struggle at levels 22140 or small gap up and struggle in the range 21960-21900 will be opportunity to short.
2. flat open and weakness then below 21800 can be short opportunity
3. Gap down and pull back to the range 21800-21840 will be another short opportunity
4. Big gap down and pull back to 21740 will be another short opportunity
check price action, weakness must be observed before going short or short with strict stop loss so that if it does not see resistance at the said level then short from next higher level
On upside 22140 will be hurdle but it that is crossed and a closing above 22140 is formed it will start nifty to another up move but chances are shrink for the up move.
1. Strong gap up and struggle at levels 22140 or small gap up and struggle in the range 21960-21900 will be opportunity to short.
2. flat open and weakness then below 21800 can be short opportunity
3. Gap down and pull back to the range 21800-21840 will be another short opportunity
4. Big gap down and pull back to 21740 will be another short opportunity
check price action, weakness must be observed before going short or short with strict stop loss so that if it does not see resistance at the said level then short from next higher level
