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.

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Rajandran R

Rajandran is a trading strategy designer and founder of Marketcalls, a hugely popular trading site since 2007 and one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies. More From Rajandran R »

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    • Rajandran is a Market Analyst and founder of Marketcalls, one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.