nifty forecast for next week : 8 to 12 june 2015

nifty daily chart technical analysis

Nifty spot on Friday closed at 8114 with loss. That was forth losing session for this index. Nifty daily chart, price trend and momentum both are bearish. Nifty is trading below major short term averages with bearish momentum.

On upside 8300 is nifty 1 month moving average level and first resistance. 8415 is second resistance level of nifty 3 month average. On downside 8100 and 8000 are psychological supports.

Nifty daily chart indicators, macd is with sell signal bearish divergence. Rsi is heading towards 30 level and cci is below -100 levels suggesting oversold condition of market.

Nifty traders watch 8130 spot level, if nifty sustain below it then go short with stop loss 8250 for target 7820 till expiry. Or sub 8000 level target in next week. Reversal from here or nifty sustaining above 8130 means reversal buy signal for short covering rally up to 8310 with strict stop loss at 8050.

nifty weekly chart technical analysis

Nifty spot this week lost 4% and seen heavy selling pressure with strong bearish momentum. This was second week loss for this index. This week nifty high was at 8467 while weekly low was at 8056. Total 410 points weekly range or almost 5% volatility trades for nifty. Weekly chart price and indicators pattern are very bearish and nifty is heading towards medium term target of 7950.on weekly chart 8300 is strong resistance on weekly closing basis and expect reversal in market above this level only, till then one can keep sell on rise view for target 7950 in upcoming weeks.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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