Nifty forecast for 21 to 25 April 2014
Nifty daily chart technical analysis
Nifty spot on last trading session closed at 6779 with gain. On daily chart, nifty price trend and momentum both are strong bullish. From short-term view, nifty spot index support zones are 6630 and below it 6505. Major average support is at 6375, above it, overall short-term trend will remain bullish, and strategy will remain buy on dips. On upside 6885 and 7015 are strong resistances as well as targets for April may series. Daily chart indicators after dip once again turned bullish and suggesting extension of Bull Run.
Nifty weekly chart technical analysis
Nifty spot this week closed with loss. High volatility is experienced in this week but nifty successfully recovered all the losses in last trading session. This week nifty hit high at 6813 while low was at 6665. Total almost 150 points or 2.5% weekly swing for nifty and closed with loss. A hanging man like candle is formed in this week but indicators are still bullish.
From medium to long-term view, 6570 and 6260 are strong support zones, out of which 6260 is major long-term average and above it, long term bull trend will remain intact. On upside 6885 and then 7200 are resistances as well as targets for nifty in longer terms. Investors with stop loss below 6570 keep long and accumulation strategy for nifty and expect ultimate target of 7200, may be after election results?