nifty weekly forecast : 8085 spot remain as major resistance

nifty weekly technical analysis for 21 to 25 sep 2015

Nifty this week closed with strong gains. This was second gaining week for market and recovery rally continues. This week nifty hit low around 7761 while high was at 8055. Total almost 300 points rally from bottom and nifty closed with gain on value buying as well as short covering.
On weekly chart, 8155 and then 8275 are strong resistances of major averages. While on daily chart, 8085 is major resistance zone of monthly pivot point. Below it, every upside is only recovery move. Market trend will change above 8085 on closing basis until then traders can rise these recovery rallies with strict stop loss in place.
For next week, nifty resistances 8085 and then 8150. While on downside, 7890 is near term trend support and reentry zone for fresh buyers. Below 7890, next major support will be 7630. Friday’s nifty closing created bearish bar pattern and suggesting correction, which may be buying opportunity for traders those missed previous run.
From medium to long-term view, nifty is heading towards targets 8600-8700 levels if holds previous 7550 bottom.
For next week, future traders can buy nifty future on correction around 7850-7890 zone with stop loss 7700 for target 8085. While option traders near 7850 can, buy 7800 Oct call options for big gains with same stop loss of 7700 spot.

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Pramod Baviskar

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