nifty weekly technical report for next week 22 to 27 june 2015
Nifty spot on last trading session closed at 8224with gain. On daily chart, nifty closed above month average and heading towards 3 month average of 8325. On downside 8170 is 1 month average and support zones.
On daily chart, macd is with bullish divergence. RSI is above 50 with buy signal. CCI is at 11 with recovery pattern.
Nifty this week closed with gains. This was first weekly gains for nifty after last 3 weeks fall. This week nifty hit low around 7944 while high was at 8250 and closed near it with bullish outlook for next week. On weekly chart 8310 and 8400 are strong resistances. Weekly chart indicators and oscillators turned bullish suggesting upside for nifty in medium terms.
For next week, 8310 is target zone for this recovery rally. If nifty gives daily closing above 8310 and sustain above it then expect higher top and bottom cycle for short term. Breakout above 8310 means bull trend with price target 8620 in short term while 8800 in medium terms. On downside 8125 is support as well as stop loss for long positions.
Future traders can stay long for target 8310. While option traders use 8200 call options for buying and accumulation for target 8310 on spot nifty.