nifty weekly technical report for 7 to 11 December 2015
Nifty this week closed with a loss at 7781. This week we saw strong profit booking by investors ahead of fed rate hike. FFI taking money out of the market before the major economic decision. On the downside, 7715 is previous swing low bottom and major support level for next week. Below it next support will be at 7620 which was September 2015 swing low bottom.
On the upside, 8060 and 8235 are major weekly averages and resistance zones. These will be medium term targets for nifty on reversal rally.
Traders can expect lower levels in next week, but must follow buy on dips view. I am expecting strong reversal move in the market after the event. And short squeeze might show spike rally in nifty. Nifty has max downside up to 7600.
On upside 8350 to 8500 are my medium to long term technical targets.