NIFTY WEEKLY ANALYSIS
In the week from 13th to 17thFeb. Nifty futures gave movement on both the sides but was not able to close above the resistance of 8838 on the upside and on the lower side it took support at 8725 and bounced back from the support level. Overall Nifty futures gave a movement of almost 145 points despite being opening gap up by more than 80 points on the last day of the week.
According weekly chart nifty futures has formed a spinning top, which shows in decision among the buyers and sellers. It may indicate a change in trend if Nifty futures close below 8725 and may touch 8635 and 8600 in the coming week. On the up side if Nifty futures closes above 8844 than it may touch 8920 and 9000 in the week to come.
Nearest short term support is at 8725
Next short term support is at 8690
Nearest short term resistance is at 8880
Next short term resistance is at 8920
Stock to Watch: NSE: INOXLEISUR
- On daily chart basis INOXLEISUR has exhibited a trend line which is taking resistance at 243 and also it has closed above 200 DMA for three consecutive days, which indicates a positive trend if it breaks the trend line.
- So if it breaks 243 than it may touch 250 and 255.5 on the upside. On the downside closing below 237.6 it may touch 234.8 and 230 in the coming week
- One can long above 243 with the stop loss of 237 on the lower side and target of 250 and 255.
Important Support and Resistance levels for next week are as follows.
Resistance (2) – 255.5
Resistance (1) – 250
Support (1) – 237.6
Support (2) – 234.8