Nifty daily chart technical analysis
Nifty spot on last trading session closed at 6782 with loss. On daily chart, nifty price trend is bullish but momentum is falling as profit booking hit the market. A clear top is formed at 6860, which will be strong supply point for now. For next week, nifty may continue to drift downside on continues profit booking and Ukraine risk environment. On upside 6810 and 6925 are strong resistances and on downside 6670 and 6540 are support zones. 6420 is major average support and in panic situation, this will be final support for nifty.
On indicators, MACD is above zero but with corrective pattern. RSI is 55 and heading towards support of 50. CCI is +77 and heading towards zero.
Traders below 6810 keep short view on nifty for targets 6670 and then 6540 but as liquidity drive is strong, any positive news flow will trigger sharp short covering.
Nifty weekly chart technical analysis
Nifty spot this week closed with loss. This week nifty hit high at 6870 while low was at 6772. Total almost 100 points or 1.5% weekly volatility and closed with loss. This was second week of loss for nifty. A “shooting star pattern” is formed on weekly chart, which is reversal signal for this uptrend. From medium to long-term view, nifty support zones are now at 6595 and 6280. 6280 is major average support and in deep correction, this will be final stop for nifty. On upside 6910 and 7210 are revised resistances as well as long-term targets.
On indicators, MACD is bullish while RSI is at 73 and hovering in overbought zone. CCI is +87 and heading towards zero.
Investors above 6280 use major correction to accumulate longs. Medium term traders can stay short with stop loss above 6910.