Mohit Jhanji Trading in Stock Market Since 2006. Iam working as a Technical Analyst in Wealth Creator. Wealthcreator.co is a research firm. We have Been Serving The Traders Of Indian Stock Market, Commodity Market From Past Seven Years With Tailored Products To Meet The Needs Of The Individual Retail Trader, Brokers,Corporate & High Net Worth Individuals & NRI’s.

Nifty Future Report – Weekly View – 21st July 2014

1 min read

Nifty Future Hurdle 7710
Resistance at 7750 7800
Supports 7645 7615

Nifty Future Report

 Nifty Future Daily Chart.

 

Technical Update: Nifty Future breakout from a rising wedge and made lows of 7445 this past week and made the Intraday high of 7692 and closed the week at 7669.35. For week starting Monday 21 July 2014 Nifty Future Will face stiff Hurdle at 7710 once sustain this level expect a rally towards 7750 7800 in coming days. The support for market is at 7645 7615. The 50 day SMA is @ 7489

 
Price: Price closed strong, with an outside bar bullish reversal pattern on daily charts. Also the price is just facing resistance around the trend line. Nifty Future is positive on daily , weekly and monthly time frames.

RSI : 14 day RSI is @ 57.38 the same bounced from 44.38 levels this past week. (Positives) From chart above its clearly seen the previous trend also took support at 46.13 (14 day RSI)  and trend continued upward to life time high’s for Nifty future. On 8th July Nifty Future Made all time high’s but there was a divergence in RSI the price made all time high’s but the momentum indicator made lower high’s hence there was a correction indicated.

Trend : Short term, medium term, primary trend are up with strong support at 7615 Levels. Till this level holds close base for the month the short term trend is up. The dips shall be bought.

Volume : The volume expanded thou on rally’s this past week but has been low as per average volume. Sign of been cautious at higher levels. Avoid making higher exposure’s.

Trading Strategy : Intraday trader’s be buyer’s in dips till 7645 with a protective stop of 7615 below sustain(or close) for upside targets of 7750-7800, Bear’s will be active once Nifty close below 7615. The trader’s carrying longs from previous week can book profits partly around hurdle 7710 once and modify there stops to 7615 for the remaining position.

Mohit Jhanji Trading in Stock Market Since 2006. Iam working as a Technical Analyst in Wealth Creator. Wealthcreator.co is a research firm. We have Been Serving The Traders Of Indian Stock Market, Commodity Market From Past Seven Years With Tailored Products To Meet The Needs Of The Individual Retail Trader, Brokers,Corporate & High Net Worth Individuals & NRI’s.

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3 Replies to “Nifty Future Report – Weekly View – 21st July…”

  1. As shared in the past week’s report Nifty Future Buy on Dips was the strategy for the week upside 7800 expected levels are completed and Nifty Future closed Thursday trading session @ 7833
    All Longs must trail the stops to 7750 now.

    7750 Nifty Future is the 1st support for market now for trader’s, Intraday trader’s can enter small position in dip to this level. If market close below this exit ! more update for nifty will be posted on weekend !

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