Technical Analysis of NIFTY for Next Week

This week nifty traded in the broader range, nifty opened at 7895 and it made a high of 7992 and slide down to the low of 7789 and it finally settled at 7949.5. Let’s analyse the nifty for next week:

On hourly Friday we have seen a sharp selloff in morning session and then profit booking lift the nifty to upper level and nifty closed at 7849.5. For the short term nifty has immediate support at 7780, if it breaks then it can slide down to 7720.

On daily chart nifty trading at 200 DMA, holding this level will help the nifty to move further. On the upside nifty facing stiff resistance at 7990, nifty should cross this level for the strong up move. On the downside nifty taking support at trendline. If it breaks Friday low then it can slide down to 7700.

On weekly chart nifty failed to close above 50 WMA and facing some resistance, on weekly chart it looks like there will be some pause for its upmove and nifty may consolidate. 

Nifty Trading Levels for Monday

The recommendations made here is not an offer to sell or a solicitation to buy any of the securities mentioned. Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations. Calls are based only on technical studies. Stop-loss is an essential risk control mechanism; it should always be there. 

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