Weekly report in this week nifty in range of 4390-4150 nifty seeing weak except Friday close.
In daily graph main trend line is breached
In daily graph main trend line is breached
nifty make 4143 low ,in second trend line support nifty take a bounce back on Friday +140.In upside nifty face resistance at 4450- 4520-4650,but there is chance of go down side in next week 4300-4185-4143 act as the support for nifty if they level are broken nifty goes to test its 50dema ave.4020.
Weekly chart show some weakness in coming Weeks bcoze RSI come out from over bought zone MACD divergence is less than last week. It shows weakness in nifty.But this is buy on dip market if nifty correct from here 4020-3896-3790 level is good for buying .There is some strength in nifty if market sustain 4520 level.
Monthly chart show good strength, nifty trade above 5mema ,RSI at 55 goes high & high show in the chart .MACD bullish crossover this turn in +ve 7 last week.
Over all nifty weak in short term so investor should buy on dips .if nifty hold 3700 level , there is chance of Head and Shoulders reversal pattern than 4650 is main hurdle in weekly chart 5275-6000 level
is possible.So buy buy buy on dips..................
Trader should go short for t 4290-4150-4020 sl at 4520.
long position is stopped out till nifty trade below 4520.
have a good week.
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