NIFTY
OPEN INTEREST AND VOLUME
TECHNICAL ANALYSIS NIFTY
OPEN INTEREST AND VOLUME
TECHNICAL ANALYSIS NIFTY
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. Last week, it ended 0.67 percent
higher up with a Dragonfly Doji candle. This candle pattern on the weekly chart
implies accumulation on dips. Also, double bottom formation around 10,550
levels is clearly visible. The broader chart pattern suggests the benchmark
index is likely to challenge its upside resistance placed around 10,780 and
10,820 levels. Immediate critical support is placed around 10,700 levels.
30-day exponential moving average (EMA) on the daily chart is placed around
10,630, which may act as the second critical support. Broader chart patterns
suggest the benchmark index is likely to challenge higher resistances placed
around 10,780 and 10,840.
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