Nifty trend analysis 26 to 30 May 2014
Nifty daily chart technical analysis
Nifty spot on last trading session closed at 7367 with gains. On daily chart, nifty closed at fresh high with gains in last trading session. Nifty daily chart price trend and momentum both are super bullish. After correction, primary trend once again resumed for new highs. For next week, 7270 and 7140 are support zones on closing basis while on upside 7500 and 7640 are strong resistances as well as target zones for next week. Daily chart indicators once again turned bullish but overbought so stay cautious with long positions.
Traders above 7250 spot keep buy and accumulate view for target 7500 and above in next week. To minimize risk small traders can use next or far month 7500 or 7700 call options as buy on dips.
Nifty weekly chart technical analysis
Nifty spot this week closed with gains. This was third gaining week for nifty and in these 3 weeks period nifty rallied from lows of 6638 to highs of 7380. Total 750 points or 11% gains in very short time for this major index. This week nifty spot hit high at 7381 while low was at 7193. Total 200 points weekly range and closed with gains. Nifty weekly chart price trend and momentum both are strong bullish. From medium to long-term view, now nifty has support at 7210 and 6900 while on upside 7530 and 7850a re strong resistance zones. Weekly chart indicators patterns are bullish but overbought so long-term correction is still due ahead.
Investors above 7210 on weekly closing basis keep buy and accumulate view for targets 7530 and above in upcoming weeks.