Nifty Daily chart technical analysis
Nifty on daily chart is closed at 6171 with loss in last trading session. On nifty daily chart, we can see its 3-month average is at 6145 and last support on chart from short-term view. While on upside 6180 is week average level and first resistance above that 6215 is nifty month average and next resistance level.
All major indicators on daily chart are with bearish signals so suggesting downside ahead. From next week, watch 6145 nifty spot level, if nifty gives closing below that then it will be sell signal for short term and nifty swing traders. If sustain then 6180 and then 6215 will be resistance and breakout above these level will increases chances of new high.
Nifty weekly chart technical analysis
Nifty spot this week closed with loss. This was second week of losses for this index. This week nifty hit high at 6240 while low was near 6140. Total 100 points swing in week closed with loss. On chart, 6055 is nifty 6-month average and nifty is heading towards it for support. 6350 is clear top and remain as strong supply zone for next 2-3 weeks timeframe.
On weekly chart, also, major indicators are with bearish signals and suggesting correction may continue for next 1-3 weeks period. On chart, 5925 is nifty 52 weeks average level and if nifty gives weekly closing below it then it will be sell signal for nifty from medium to long-term view.