Free Stock market tips, Weekly Levels for NIFTY

Weekly Levels for NIFTY

R1: 5970     R2: 6030   R3:6070

S1: 5860     S2: 5825    S3:5770

Nifty has started trade on subdued note at the start of the week but soon after fizzle out its initial gains while corrected sharply in the subsequent trading sessions. Also Index has biased negative throughout week and given weekly closing well below the psychological mark of 5900. 

This indicates amount of bearish bets are getting momentum near the 5945/5970 mark, while trader preferred sell on intermediate rallies as trading strategy rather than building fresh long position near the lower levels for the week that passed by. 

In days to come any failure to hold the level of 5825 on a closing basis is likely to extend prevailing correction, in that case target of 5770 may look obvious. On a flip side any Pullback if happen is likely to resist near the 5945/5970 levels and level of 6030 is looking as Major hurdle.

At this point of time a trader should partially book profit for short positions near theExpected downside level of 5850/5820 level (as recommended in last weekly Nifty outlook).

Technical Findings:

Nifty on a daily chart is expected to be in consolidation mode just after it has Breached upward slop line drawn joining multiple higher lows since June 2012. This May be perceived as early sign of short term trend reversal but still further extension Of correction below the immediate support level is still awaited to confirm it. Any Subsequent failure to hold immediate support of 5825 level on a closing basis is likely To fuel in negative bias.

On a weekly chart intermediate top reversal is in progression as Nifty has breached the Lower support line of long extended Bullish price channel. Also given Subsequent closing Below the mentioned upward slope line, this may likely to result in further extension of Present correction. However low volume near the immediate support of 5860/5825 levels May perceived a concern for any major turnaround.

Hence fresh short is advisable below the level of 5825 or any pullback till & below the level of 5945/5970 mark on a closing basis. Also momentum oscillator RSI is expected to move southward before extending prevailing correction.

Week that passed by could be credited to volatile intraday movements and mostly were Biased negative throughout a week. The 50-unit S&P CNX Nifty fell 16.10 points or - 0.27% to settle at 5887.40.

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