NIFTY View For Week 13-17 April
Last to last week's momentum continued last
week too. Not much, but one way (upward) movement with small step each
day. IIP data is out after market closing on Friday. Data is positive.
Nothing much in Global markets in last week.
Technical Overview: Last week Nifty made high of 8787 and low of 8573. A range of almost 215 points. Nifty has just breached our resistance at 8785, but closed below that. However, the closing is near high of the week. I feel the resistance has become weak. Nifty seem to be ready to head to 8900. We may get a gap up opening on Monday.
Nifty has next resistance in the range of 8910-9102. Nifty is expected to move to this level in week to come.
Support is at 8525-8455.
Short Term (Few days to a Week) : Nifty is looking nice and may move up for 2-3 trading sessions. Support is near 8700. One can buy Nifty at current price for target of 8900.
Medium Term (Few weeks to a month): Medium term traders may keep away for the time being. The resistance at 8900 may be shorted only in case Nifty confirms the downward movement.
Long Term (Few months to Year): Nifty's bull run continues from long term perspective. Nifty may post a new high in coming days.
Bank Nifty is looking nice on charts. It may continue further up-move till 19300. Resistance is at 19400
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Above prices are spot prices and profit/loss calculated with 1 Futures lot
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