Please refer the chart for the upcoming weekly expiry of 7th may.
Strong reversal zone @ 10150-10250
Reversal zone @ 9960-10000
Minor support zone @ 9600-9700
Major support zone @ 9300-9400
Strong support zone @ 8900-9100
Nifty is trading near 20 moving average.
It might be the sign of reversal for next week's expiry.
If nifty sustains above 9500 level then only take long position for the 14th may.
On downside there is support @8400 level and strong support @8000 level.
NIFTY close @ 9250. On the upside, there is a major supply zone near the 10000 levels.
And on the downside, there is a major demand zone for this week near the 8800-9000 zone.
Below 8800 next demand zone @ near 8500.
NIFTY WEEKLY CHART ANALYSIS
-SINCE 9TH 2017 OCT 9950 HAS BEEN A CRUCIAL SUPPORT FOR THE INDEX QUIET A FEW TIMES
-REMEMBER HIGHER THE TIME-FRAME STRONGER IS THE SUPPORT/RESISTANCE
-WE TOOK LOT OF TIME TO BREAK ABOVE 9950 INITALLY
-BUT SINCE OCT OF 2017 WE HAVEN'T GONE BELOW IT
-DUE TO THE PANDEMIC THE LEVEL WAS FINALLY BROKEN IT TRAPPED SOME SHORT PLAYERS
Nifty is making lower highs and lower low in higher time frame Nifty closed @ 12080 and there are multiple supply and demand zones in 12980-12200.
I am Bearish in Nifty but I will trade in Nifty once it will start respecting any supply and demand zone between 12980-12200 or sustaining below 11980 or 12200.