Nifty Weekly Research Report
Nifty Future Hurdle 7835
Resistance 7870 7920
Supports 7765 7725
Technical Update: Nifty future closed the week on a positive note on weekly chart. Nifty future closed Friday’s trading session at 7803.70. Nifty future has been consolidating in a sideways horizontal range with just around the breakout. There is a huge possibility of a big rally in coming days if the breakout sustains nifty future is heading for 8000-8100 levels soon. 7835 Hurdle once sustain close base bulls will shoot up vertical rally. Bear’s stay out or wait before entering shorts.
Price: Price action still suggest a buy in dips market as bulls come at every support with buying. No major correction has been seen this past week. Thou Nifty achieved the upside targets as suggested in our previous weekly report.
RSI: 14day daily RSI is @ 58. The momentum indicator is showing sign of short term uptrend and market is at strong resistance levels.
Trend: Short term trend up with cautious bias, medium term, primary trend are up with strong support at 7560 levels
Volume: The rally on Thursday was on weak volume as compared to the previous seen rally’s.
Trading Strategy: Short term traders be long or out. Above 7835 market holds then shall rally big upside. Trader’s holding long should book partly open positions around 7835 rest can trail there pos to cost stop loss with upside targets of 7890 and 7950.