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Nifty Weekly Chart
Nifty started the week on a flat note and remained consolidate for most part of the week however last
couple of trading session's sell-off led index to end in negative territory. Nifty closed at 10761 with a
loss of 309 points on a weekly basis.
On the weekly chart the index has formed a Bearish candle with a long upper shadow indicating selling
pressure at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the
weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above
10850 level it would witness buying which would lead the index towards 10950-11000 levels. However if
index breaks below 10700 level it would witness selling which would take the index towards 10600-
10530. Nifty is trading below 20 day SMA's which are important short term moving average, indicating
negative bias in the short to medium term. Nifty continues to remain in an uptrend in the medium term,
so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the
range of 10830-10550 with mixed bias.
The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and
are below their respective reference lines indicating negative bias.
The trend deciding level for the day is 10815. If NIFTY trades above this level then we may witness a
further rally up to 10900-11035-11115 levels. However, if NIFTY trades below 10815 levels then we may
see some profit booking initiating in the market, which may correct up to 10680-10600-10460 levels.
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