• Nifty started the week on a flat note and witnessed selling pressure throughout the week dragged index to close at lowest point. Nifty closed at 16202 with a loss of 151 points on a weekly basis.
• On the weekly chart the index has formed a long bearish candle forming lower High-Low compare to previous week indicating weakness at current levels
• The chart pattern suggests that if Nifty
• The chart pattern suggests that if Nifty crosses and sustains above 16400 levels it would witness buying which would lead the index towards 16500- 16800 levels
• However if index breaks below 16000 level it would witness selling which would take the index towards 15800-
15600
• For the week, we expect Nifty to trade in the range of 16500-15700 with a negative bias
• The weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias
• On the weekly chart the index has formed a long bearish candle forming lower High-Low compare to previous week indicating weakness at current levels
• The chart pattern suggests that if Nifty
• The chart pattern suggests that if Nifty crosses and sustains above 16400 levels it would witness buying which would lead the index towards 16500- 16800 levels
• However if index breaks below 16000 level it would witness selling which would take the index towards 15800-
15600
• For the week, we expect Nifty to trade in the range of 16500-15700 with a negative bias
• The weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias