Nifty weekly technical analysis 16 to 20 may 2016

Nifty weekly technical analysis 16 to 20 may 2016 Nifty future this week closed at 7832. On weekly chart nifty trend is bullish but momentum is losing out on continues profit booking on higher levels.   We saw upside up to 7940 but nifty filed to sustain on higher levels though above 7820 outlook remain bullish and strategy remain buy.   As this week , nifty closed above 7820, so expect bounce back up to 7900 and then downside. Below 7820, nifty will turn bearish and start downcycle. My downside tgts are 7605 and 7320.

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Pramod Baviskar

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