Nifty weekly analysis 17-21 February 2014

Nifty daily chart technical analysis

Nifty spot on last trading session closed at 6048 with gain. On daily chart, nifty trend and momentum both down. For next week, nifty major support zones are 5980 and 5860. Out of which currently nifty had taken support at 5980 and bouncing back. On upside 6110 is nifty 3-month average level and strong resistance. Below it, traders must keep short view and follow sell on rise trading strategy for nifty in next week. Nifty daily chart indicators are bearish but in oversold zone.

for next week expect nifty may continue its bounce back rally and test 6110.

Nifty weekly chart technical analysis

Nifty this week closed with loss. On weekly chart, nifty is going through correction phase and heading towards major support for testing it. From medium to long-term view, 5930 is major level and important on weekly closing basis. Above it, swing traders and investors can keep buy on dips view. On upside 6240 and then 6530 are strong resistances on weekly chart while on downside 5930 and below that 5645 are strong support zones. Nifty weekly chart indicators are bearish and suggesting this correction may continue for upcoming weeks.

The Author

Pramod Baviskar

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