Nifty 50 IndexUpdated Nifty Weekly Technical Outlook - 04.07.2020
Nifty retained its positive momentum for the third consecutive week with a weekly higher low and high bullish price bar. Price closed in the upper one third of the weekly range with active participation, indicating buyers in control. On Monday price formed a bullish pin bar which indicated price rejection at previous swing low at 10194. Throughout the week the low of the prior day low was protected with a higher low and higher high daily bars. Price recorded a weekly close at 10607 with a daily bearish bar.
The weekly volatility is at 3.6. The probable weekly returns is of 380 points from the weekly close, with a measured move in increments of 102 points. The key level of the existing trend is at 10194 and the critical level at 9544. The point of control for the upcoming week is in the zone of 10427. Price staying above the point of control and surpassing the recent high can find minor resistance in the zone of 10733 and major resistance in the zone of 10835. Price breaking point of control can find minor support at 10325 and major support at 10223.
Disclaimer
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
The weekly volatility is at 3.6. The probable weekly returns is of 380 points from the weekly close, with a measured move in increments of 102 points. The key level of the existing trend is at 10194 and the critical level at 9544. The point of control for the upcoming week is in the zone of 10427. Price staying above the point of control and surpassing the recent high can find minor resistance in the zone of 10733 and major resistance in the zone of 10835. Price breaking point of control can find minor support at 10325 and major support at 10223.
Disclaimer
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Note
Price remained above the point of control at 10427 and surpassed the weekly minor resistance zone at 10733. The minor resistance zone will act as the support zone and price staying above this support zone can move towards the weekly major zone at 10835.Trade closed: target reached
Price made a new high at 10847 and reached the major weekly resistance level of 10835.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.