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Nifty Weekly Chart
Nifty started the week on a negative note and remained negative throughout the week. Nifty closed at
10455 with a loss of 306 points on a weekly basis.
On the weekly chart the index has formed a bearish candle with a long lower shadow indicating buying
at lower levels. The index continues to move 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
10500 level then it would witness buying which would lead the index towards 10600-10680 levels.
However if index breaks below 10370 level then it would witness selling which would take the index
towards 10330-10280. Nifty is trading below 20 day SMA's which is important short term moving
averages, indicating negative bias in the short 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 10600-10300 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 10445. If NIFTY trades above this level then we may witness a
further rally up to 10490-10525-10575 levels. However, if NIFTY trades below 10445 levels then we may
see some profit booking initiating in the market, which may correct up to 10410-10360-10325 levels.
Ashoka Buildcon, Castrol India, Gulf Oil
Lubricants, IPCA Laboratories, Polaris Consulting
& Services, TV Today Network
Stocks to focus for intraday Long
Glenmark Pharmaceuticals, GlaxoSmithKline
Consumer Healthcare,Lakshmi Vilas Bank, Natco
Pharma, PI Industries, Wipro
Stocks to focus for intraday Short