Technialanalysis
NIFTY - THIS WEEK'S ANALYSIS & TRADE PLAN FOR TOMORROWNSE:NIFTY
Let me know if you find this useful and if I should continue posting such ideas on daily basis for intraday/swing levels of stocks & indices?
Take a look at the chart properly for detailed analysis,
also please note that this idea is purely for educational purpose only, kindly do your own research before investing and trading or consult your financial advisor.
NIFTY CLOSED LOWER FOR THE WEEK? What does this indicate?NIFTY: Nifty made a lower close this week. The narrow range bar indicative of weak momentum in the index (however it doesn’t signal outright shorts) but longs positions should be tighten at this juncture. Correction may initiate below 11800, which may extend to 11400 – 11300 levels, at this point we can notice institutional support coming up. The RSI is above 60 which indicates the overall trend is up. Counter trend trading strategy may be considered keeping in mind the support levels on 11400 – 11300.