Nifty This Week

Nifty Weekly Update:

Nifty (Spot) closed below its weekly Pivot of 4153. Nifty closed at 4003. Weekly closing shows there was complete bearishness on weekly basis, in which only bears participated actively and through out the week they dominated bulls. There was no room for investors to come in the market frame. Finally bears win the game, with very decent margin & maintain nifty to close near to 4000 & sensex to close below mental level of 14000. In short term we advise one should be cautious. MACD confirms further bearishness, while RSI near to neutral zone.

On the chart 3960/3880/3820/3650/3620 & 3325 emerged as a support at lower end on closing basis. Nifty closed above 4000 apart from this we expect that the nifty should test 3820 levels in short term. We predict up trend for the market but now we are in consolidation phase nifty is trying to fulfil it’s gap which Nifty made after the election results. Trader should create long position with strict stop loss of 3820 (On Closing Basis) levels & short position below 4000 (Closing). In down side 3741 will be the ground support for the nifty (spot) to break immediate up trend, after breaking these levels nifty can test 3620/3490/3410/3280 levels in down side. 4160 & 4280 will be the key resistance level for Nifty (Spot), if Nifty breaks & maintains to close above that level for at least 2 continuous days than we can see rally till 4400.