Falcon Analytics Outlook Nifty 50 for the Expiry week ( Jun 13 – June 17 )
Last Weekly Nifty witness selling pressure below 16386 , while the pivot for the week @ 16605 was not breached on upside.
Technically for this week on the daily charts we see minor support on the downside for Nifty50 index lies at 16057 levels,
whereas minor resistance on the upside is capped around 16598 levels.
If Nifty50 index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major supports on lower side around 15890/15723 and and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 16765/16932.
Currently Nifty50 index is trading Below Red Line 200 day EMA @ 16729 suggests long term trend is Bearish.
Range for the week is seen from 15723 on downside and 16494 on upside.
Weekly Chart Suggest closing below 16000 Downward Momentum can be fast.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 16932
RESISTANCE 3: 16765
RESISTANCE 2: 16598
RESISTANCE 1: 16494
WEEKLY PIVOT LEVELS: 16327
SUPPORT 1: 16160
SUPPORT 2: 16057
SUPPORT 3: 15890
SUPPORT 4: 15723
All above views for education purpose only.
Regards,
MD.
Last Weekly Nifty witness selling pressure below 16386 , while the pivot for the week @ 16605 was not breached on upside.
Technically for this week on the daily charts we see minor support on the downside for Nifty50 index lies at 16057 levels,
whereas minor resistance on the upside is capped around 16598 levels.
If Nifty50 index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major supports on lower side around 15890/15723 and and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 16765/16932.
Currently Nifty50 index is trading Below Red Line 200 day EMA @ 16729 suggests long term trend is Bearish.
Range for the week is seen from 15723 on downside and 16494 on upside.
Weekly Chart Suggest closing below 16000 Downward Momentum can be fast.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 16932
RESISTANCE 3: 16765
RESISTANCE 2: 16598
RESISTANCE 1: 16494
WEEKLY PIVOT LEVELS: 16327
SUPPORT 1: 16160
SUPPORT 2: 16057
SUPPORT 3: 15890
SUPPORT 4: 15723
All above views for education purpose only.
Regards,
MD.
