Nifty outlook for 3-7 March 2014

Nifty outlook, weekly forecast, price analysis, technical analysis,charts and tips for 3 to 7 March 2014.

Nifty daily chart technical analysis

Nifty spot on last trading session closed at 6276 with gain. On daily chart, nifty index price trend and momentum is strong bullish. After fresh breakout around 6110, nifty now heading towards all time high.

For next week, nifty major support zones are 6240 and below that 6120. 6120 is 3-month average and major support zone. Above this level, traders must use correction moves to enter longs. On upside 6370 and then 6490 are strong resistances and targets levels for next week. Nifty daily chart indicators patterns are strong bullish and suggesting rally will continue in next week.

Nifty weekly chart technical analysis

Nifty spot this week closed with gains. This week nifty hit low at 6130 while high was at 6282. Total 150 points or almost 2.5% weekly swing and closed with gains. This was second gaining week for nifty after taking support at 5950.

From medium to long-term view, nifty major support zones are 5960 and then 5680. Above 5960, investors must keep long view for nifty. On upside 6280 was target, which is achieved, and now nifty heading for 6550. Weekly chart indicators pattern suggesting reversal signal after correction means new top can be expect in upcoming weeks. Next week closing is important and must be above 6280 for continuation of trend.

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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