Nifty Spot Weekly View as it nears weekly Support Zone

Nifty is wiggling between the 5 Week EMA High and 5 Week EMA Low Channel for the past five weeks. Mostly hurting the trend followers as the market moves in a compressed band. Whenever the nifty spot reaches the upper band or the lower band it reverses it position. And yet the 5EMA (High-Low) channel breakout is not yet in place. So Currently Weekly Support zone 5EMA-Low is at 5595 and the Weekly Resistance Zone 5EMA-High is at 5729. Breaking this barrier on the either side could provide clear long term trend directions. i.e Downtrend if 5595 breaks on weekly basis or Uptrend if 5729 breaks on Weekly basis on the upperside.

Nifty Open Interest

As of Now 5800CE holds the higher open interest among the series which indicates 5800 could be the potential resistance for the current option series and on the 90 min charts nifty holds the positional sell trend since last friday.

Related Readings and Observations

  • Nifty and Bank Nifty Trend Update – 14th Aug 2014 Nifty on the hourly charts turned to positional buy mode with support coming around 7610 and on contrary Bank Nifty still maintains the positional sell mode with resistance zone coming […]
  • Nifty and Bank Nifty June Expiry Overview Nifty and Bank Nifty maintains the positional sell mode with resistance zone coming around 7673 and 15569 respectively. Reverse your position to positional buy mode if the resistance […]
  • Call writers take advantage post IIP results Industrial production grew at 3.4 per cent in April after contracting for two months in a row mainly due to improved performance of manufacturing, mining and power sectors and higher […]
  • Will the Volatility in the Market Increase? Indiavix on the hourly spot charts is in positional Buy mode with supports coming around 15.22. Reverse your position to positional sell mode if the support breaks on the hourly charts. […]

Leave a Reply

Your email address will not be published. Required fields are marked *