Nifty daily chart technical analysis
Nifty spot index on last trading session closed at 6493 with loss. On daily chart, nifty price trend and momentum is strong bullish. Means short-term trend is bullish and momentum is still in hands of bulls. Prices are off the highs on correction and now consolidating near support. For next week, nifty support zones are 6450 and 6330 while on upside 6580 and 6710 are resistances as well as targets if trend continues.
Daily chart major average support is at 6210 and above it; nifty spot uptrend will remain intact. Daily chart indicators patterns are mixed.
Traders for next week keep long view for nifty and above 6450 on daily closing basis follow buy on dips view for target 6580 and then possibly 6710.
Nifty weekly chart technical analysis
Nifty spot index this week closed with loss. This week nifty high was at 6574 while low was at 6373. total 101 points or almost 2% weekly swing and closed in red as profit booking stuck as well as technical correction was due. On weekly chart, nifty resistance levels are 6620 and 6925 and on downside, 6320 and 6020 are strong supports. Above 6020 on weekly closing basis, nifty trend will remain bullish for medium to long terms. Weekly chart indicators patterns are bullish and suggesting consolidation and then fresh up move in upcoming weeks.
Medium to long-term traders and investors above 6300 keep buy on dips view for targets 6620 and then 6925 in next 3-6 months period.