Nifty closed the week on positive note gaining around 0.80%.
As we have mentioned last week, that support for the index lies in the zone of
10500 to 10550 where Fibonacci levels and medium term moving averages are
lying. If the index manages to close below these levels then the index can
drift to the levels of 10300 to 10400 where long term moving averages and
Fibonacci levels are lying. During the week the index manages to hit a low of
10558 and close the week around the levels of 10696. Support for the index lies
in the zone of 10500 to 10550 where Fibonacci levels and medium term moving
averages are lying. If the index manages to close below these levels then the
index can drift to the levels of 10300 to 10400 where long term moving averages
and Fibonacci levels are lying. Minor resistance for the index lies in the zone
of 10700 to 10750. Resistance for the index lies in the zone of 10900 to 11000
from where the index broke down after consolidation. If the index manages to
close above these levels then the index can move to the levels of 11100 to
11200 where the index has formed a top in the month of January-2018. Broad
range for the week is seen from 10500 on downside & 10900 on upside.
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