Nifty weekly outlook 7 to 11 April 2014

Nifty weekly outlook 7 to 11 April 2014

Nifty daily chart technical analysis

Nifty spot on last trading session closed at 6694 with loss. On daily chart, top is formed at 6775 and now nifty going though technical correction. All week nifty remains under profit booking pressure and trades in thin range.

For next week, nifty support zones are 6690-6555 and 6430 while on upside 6810 and 6955 are strong resistances. 6300 is major average support zone and above it, short-term trend will remain bullish.

On indicators and oscillators side, MACD is above zero with bullish divergence. RSI is 65 and heading towards 50 with corrective pattern. CCI is +93 and off the overbought zone.

Traders below 6810 keep sell on rise view for downside targets of 6555 to 6430. In deeper correction and global risk off trades, we may see deep correction up to 6300. Small traders simply buy in the money put options with strict stop losses to encash this correction.

Nifty weekly chart technical analysis

Nifty spot this week closed with loss and a red doji like candle is formed on weekly chart. This week nifty hit high at 6776 while low was at 6662. Total 110 points swing or 2% range and closed with loss on profit booking.

From medium to long-term view, 6680 and 6370 are supports on downside while 6980 and 7285 are resistances on upside.

On indicators and oscillators, MACD is above zero with bullish divergence. CCI is +124 and with bearish divergence and suggest downside for index. RSI is 71 and flat.

Below 6680, expect correction and target at 6370. watch next month in the money put options.

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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