Nifty weekly forecast 24-28 Feb. 2014

Nifty daily chart technical analysis for 24 to 28 February 2014

Nifty spot on last session closed with gain at 6155. On daily chart, nifty price trend and momentum both are bullish. Daily chart indicators are with bullish divergences and suggesting upside for nifty in next week.

For next week, nifty spot support zones will be 6110 and 5980 while on upside expect strong resistance from market at 6230 and then 6355.

Short-term traders above 6110 on daily closing basis keep buy on dips trading strategy for nifty future. On upside 6230 and then 6355 will be targets zones. This reversal signal has its target zone around 6400, which can be expect in March to April expiry. Therefore, option traders can buy far month 6400 or 6500 call options with strict stop loss to encash this reversal run.

Nifty weekly chart technical analysis for 24 to 28 February 2014

Nifty spot this week closed with gain. This week nifty hit low at 6038 while high was at 6160. Total 120 points or 2% weekly volatility and closed with gain.

On weekly chart, nifty uptrend is intact and this week positive closing clearly suggesting underlying buying momentum. Weekly chart indicators are with bullish signals and given fresh buy signal on chart.

From medium to long-term view, nifty has support at 5950 and then 5640 while on upside 6250 and then 6540 are resistances as well as target zones for nifty.

Investors and swing traders above 5950 on weekly closing basis keep buy on dips view for nifty future or accumulate far month nifty call options with strict stop losses in place. In next 3-6 months period we may see 6500+ levels on chart.

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Updated: 23/02/2014 — 4:00 PM

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.

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