nifty weekly analysis : 7815 is final support

Nifty technical analysis for 15 to 19 june 2015

Nifty spot on last trading session closed at 7982 with gain. Nifty daily chart price trend and momentum both are bearish. Nifty is trading way below short term averages with bearish and oversold indicators.

On daily chart, 8200 is 1 month average resistance and 8360 is 3 month average resistance.

This was third weekly loss for this index. This week nifty high was at 8163 while low was at 7940. Total 220 points weekly range or almost 3% weekly volatility and closed with loss with bearish medium term outlook. Weekly chart nifty indicators are still bearish and suggesting downside rally will continue in upcoming weeks.

For next week, 7815 is final support for this fall. If nifty sustain and gives reversal above or at it then that will be best buying opportunity for target 8125 and above. Daily closing below it means strong bearish breakout with price target 7630 and then 7325 on strong panic selling or margin calls.

For future traders next week trade is on sell side on bounce back with stop loss above 8125 spot for target 7815. Option traders use 8200 put options for buying and accumulation on decline with same stop loss.

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.
COPYRIGHT © 2017. Pramod Baviskar. Dalal street winners advisory and coaching services. FAQ | Disclaimer | Privacy Policy

This website is best viewed using Microsoft Internet Explorer 9 or higher, and/or latest version of Google Chrome and Mozila Firefox browsers.