Nifty spot daily chart technical analysis
Nifty on Friday’s trading session closed at 6266 with loss. On daily chart, nifty trend is up but momentum is losing out to bears because of profit booking. Now nifty is trading below its week and month average and heading towards its 3-month average zone, which is now at 6185. On upside 6305 is weekly average and strong resistance for next week. Major indicators are also in topped out condition and supporting seller’s decision. For next week, nifty may show lower levels up to 6185 and 6305 will remain as trailing stop loss for short-term short positions.
Traders can buy Nifty 6200 or 6300 put option for expiry with strict stop loss of 6305 on spot nifty.
Nifty spot weekly chart technical analysis
Nifty spot this week closed with flat gain. This week nifty hit low at 6243 while high was at 6366. Total 125 points weekly range and closed flat as lost all gains in last trading session of week. Nifty weekly chart trend and momentum both are still bullish. On downside 6085 is nifty 6 month average zone and first medium term support. On deeper correction, this will be first target for nifty on downside. On upside 6360 to 6400 is strong supply zone and expect strong resistance in that area. Major indicators are mixed but suggesting some downside ahead. 5950 is stop loss for all medium to long-term investors. Any weekly closing below this means downtrend and downside up to 5600-5700 for nifty.