Nifty forecast 16 to 20 June 2014

Nifty forecast 16 to 20 June 2014

Nifty daily chart technical analysis

Nifty spot on last trading session closed at 7542 with huge loss because of profit booking. Rising crude oil prices once again creating panic among investors. on daily chart, nifty closed below its week average and heading towards month and 3 month averages. On downside, 7380 will be first support zone of 1-month average and below it, 7020 will be strong short-term support of nifty 3-month average. On upside 7650 and then 7800 will be strong resistances and targets if reversal happens. Daily chart indicators pattern are bearish suggesting nifty may test its supports in next week. Traders below 7600 keep bearish view and expect downside targets in nifty in next week. Small traders can play this with in the money put options.

Nifty weekly chart technical analysis

Nifty spot this week closed with loss. This week nifty hit high at 7700 while low was at 7525. Total 175 points weekly swing or 2.5% volatility and closed with loss near lows. Nifty weekly chart price trend and momentum still are bullish. On downside, 7200 and 6850 are strong support zones while on upside 7680 and 8000 are resistances as well as long term targets zones for nifty. Weekly chart indicator are overbought and suggesting topped out pattern so expect correction ahead and nifty might test support zones. In my view, investors must start to book profits and wait for correction.

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