Nifty weekly tips for 14 to 18 April 2014
Nifty daily chart technical analysis
Nifty spot index on last trading session closed at 6776 with gain. On daily chart, nifty price trend and momentum both are bullish. Nifty is trading above all short-term averages with bullish momentum. As next is week is truncated and there are only three trading session for nifty.
For next week, nifty support zones are 6730 and 6605 while on upside 6860 and 6990 are resistances. Daily chart indicators patterns are bullish but in overbought zones.
Traders above 6730 keep long view for target 6860 and above in next week. As nifty is showing resilience to negative news flow, we may see another short squeeze once again.
6350 is major short-term average support and above it, short-term bullish trend will remain intact, any downside will be correction.
Nifty weekly chart technical analysis
Nifty spot this week closed with gain. This week nifty spot low was at 6650 while high was at 6819. Total 170 points or almost 2.5% weekly swing and closed with gain. Nifty weekly price trend and momentum both are strong bullish.
From medium to long-term view, nifty spot support zones are 6550 and then 6240. On upside 6865 and 7175 are strong resistances. Weekly chart indicators and oscillators patterns are mixed.
Investors above 6550 keep long view for target 6865 and then 7175 in upcoming weeks.