Nifty started the week on a negative note and traded with extreme volatility on either side throughout the week.
Nifty closed at 17153 with a loss of 134 points on a weekly basis.
Since past six trading sessions, index continues to consolidate within 17500- 17000 levels representing sideways trend and hence any either side
breakout will confirm further direction.
The chart pattern suggests that if Nifty crosses and sustains above 17500 levels it would witness buying which would lead the index towards 17600- 17800 levels.
However if index breaks below 17000 level it would witness selling which would take the index towards 16800-
16600.
For the week, we expect Nifty to trade in the range of 17600-16800 with mixed bias
The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.
Nifty closed at 17153 with a loss of 134 points on a weekly basis.
Since past six trading sessions, index continues to consolidate within 17500- 17000 levels representing sideways trend and hence any either side
breakout will confirm further direction.
The chart pattern suggests that if Nifty crosses and sustains above 17500 levels it would witness buying which would lead the index towards 17600- 17800 levels.
However if index breaks below 17000 level it would witness selling which would take the index towards 16800-
16600.
For the week, we expect Nifty to trade in the range of 17600-16800 with mixed bias
The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.