Nifty spot this week closed with loss. After last 2 weeks gain market sees some profit booking. On weekly chart nifty price trend is down but momentum is on recovery side. High volatility continues in market and in this week also nifty given almost 300 points swing. This week nifty high was around 8021 while low was at 7723. Closed with some recovery in end.
On weekly chart, 8210 is 20 weeks ema level and above it 8355 is 50 weeks ema level and next resistance zone. On downside 7625 and 7540 are support zones of previous bottoms.
For next week, nifty outlook will remain bullish and traders near 7650 can follow buy and accumulate strategy for target 8130. For long term traders targets retraced to 8550 to 8680.
8085 is monthly pivot level and remain as one of the major supply zone. Future traders can buy nifty Oct future around 7650 with stop loss for 7740 and then 7950 as positional target. Option traders can use 7800 call option of Oct expiry for buying and accumulation on correction. Keep strict stop loss as per your risk profile to cut extreme losses.