NIFTY WEEKLY ANALYSIS
In the week from 20th to 23rdFeb. Nifty spot broke 8893 level and also gave closing above 8900 level. Nifty spot faced resistance at 9000 which is a psychological level also. Overall Nifty spot gave a movement of more than 170 points as Nifty stocks gave big movement in the week.
According weekly chart Nifty Spot has formed trend line which may take resistance at 9000. If Nifty futures is able to give closing above the trend line than we me see one more upside move more 100 to 120 points. So in a week to come if Nifty Spot closes below 8855 than may touch 8790 and 8697 in the coming week. On the up side if Nifty futures closes above 9000 than it may touch 9100 and 9170 in the week to come.
Nearest short term support is at 8855
Next short term support is at 8800
Nearest short term resistance is at 9000
Next short term resistance is at 9120
Stock to Watch: NSE: OMAXE
- On daily chart basis OMAXE has exhibited a trend line which is taking resistance at 169.5 and also it has shown consolidation with increase in volume, which indicates a positive trend if it breaks the trend line.
- So if it breaks 169.5 than it may touch 174 and 177 on the upside. On the downside closing below 166.8 it may touch 164.75 and 161 in the coming week
- One can long above 169.5 with the stop loss of 166.8 on the lower side and target of 174 and 177.
Important Support and Resistance levels for next week are as follows.
Resistance (2) – 174
Resistance (1) – 171.5
Support (1) – 166.8
Support (2) – 164.75