Nifty future closed the week at 8210.55 after making the intraday high of 8247.Volatility continues to be high in the past week after bears fully controlled the whole april series. The first week of may was again in favor of bears.
As shared in our previous weekly report nifty future break down after the channel was broken and trend continued in favor of bears. The march series has been what the most bears had been waiting from so many months. A complete correction with added volume and deeper cuts with no respite for bulls at any levels. A cut of 358 points on spot was witnessed in March FnO Expiry week.
Nifty future made low 8540 and closed the week at 8582.55 Till if remains below 8630 the short term trend will remain down. The next support for the market is at 8530 below which expect correction up to 8420. The weekly trend for nifty turned negative. The momentum indicator RSI has also turned downwards direction.