NIFTY WEEKLY ANALYSIS
Nifty closed flat in a week of choppy trades. The indecisiveness of the markets meant there was no clear winner between the bulls and the bears. Although, the benchmark index is in a clear uptrend, a decisive close below 9060 levels could lead to a short term correction upto 8910 levels. The parallel upper channel formed indicates that a break of 9250 level could lead to another spurt till 9500 levels, in the weeks to come.
However, Nifty is expected to remain choppy in the next week as well due to the expiry and financial year end. The key levels to look out for in the coming week is as below.
Nearest short term support is at 9060
Next short term support is at 8910
Nearest short term resistance is at 9180
Next short term resistance is at 9250
Stock to Watch: NSE: M&MFIN
- On daily chart basis ELCERX has exhibited a flag pattern and closed above the resistance level of 320
- The increase in volumes also indicates a strong bullish bias over the next week.
- One can go long above 320 levels with a stop at 310 and target of 335
Important Support and Resistance levels for next week are as follows.
Resistance (2) – 331
Resistance (1) – 326
Support (1) – 315
Support (2) – 311