As shared in the previous nifty weekly view nifty future bounced sharply around the 50 DMA and closed the week at 8841.55 on a highly bullish note. Strong support witnessed all around buying presure and weak hands just exited the markets.
The nifty future broke out of the linear regression channel and closed above the same. The short term moving average has also given the crossover over the medium term moving average. Daily RSI bounced strongly from 45 to now trading at 61.18 with a positive momentum in favor of the bulls.
The last weekly candle is a bullish Piercing Line Chart Pattern.
Now for week starting Monday 16th Feb 2015 Nifty future will face hurdle at 8900 levels only above this gates open for 8950-9000 on downside the support area for nifty future intraday traders is at 8905 below which 8750 will act as strong support.
8750 is the trend support below which if market close again the weakness can be further extended towards 8500.
Be reminded if 8720 close basis is holded in this series we can see euphoric rally till budgets to 9100 plus levels as well.