Nifty daily chart technical analysis
Nifty spot on last trading session closed at 6504 with gain. On daily chart, nifty price trend and momentum is strong bullish. Nifty is showing resilience to selling and on every correction strong buying volume coming in market. For next week, 6555 and 6680 are strong resistances as well as targets in current scenario. On downside, 6430 and then 6310 are support zone. Daily chart major support is at 6185 and on major correction that will be final support for nifty. Indicators are bearish but still in bullish zones so expect primary trend to continue in next week.
Nifty weekly chart technical analysis
Nifty spot this week closed with gain. This week open was at 6491 while closed at 6504. Weekly high was 6562 while low was at6432. 130 points or 2% swing in week and continuation of primary trend.
On weekly chart, 6000 is major support zone but in between expect some support at 6300. On upside 6600 will be first target and then 6900 will be second one. Indicator patterns are bullish and approaching overbought zones. Positional traders above 6300 keep buy on dips view. On nifty historical chart, breakout level was 5900 and their target comes around 6775 so watch for that.