nifty weekly tips for 14 to 18 sep 2015
Nifty spot this week closed at 7789 with gain. This was first positive week for nifty index after last 4 weeks strong selloff. This week nifty hit low around 7539 while high was at 7865. Total 325 points weekly range or 4.5% volatility and positive closing on value buying.
For next week, 7550 is major support and above it expect this recovery rally to continue for target 8085. This level will be strong resistance. Closing above 8085 means trend change from recovery to bullish. These are primary support and resistance levels for nifty from short to medium term view.
While 7880 and 7935 are secondary resistance as well as target zones if recovery continues. On downside 7720 and 7685 are secondary support zones as well as stop loss levels for long traders.
Traders those have long positions in nifty must keep tight stop loss in position and wait for target 7880 and then 7935 to 8085. But fresh buyers must wait as high volatility is expected ahead of fed meet and nifty might test 7550 level once again which will be best buying opportunity for swing traders.