NIFTY WEEKLY ANALYSIS
Nifty Futures continued its uptrend and broke the strong resistance of 8294 and also rallied as it closed above 200 DMA on daily basis. Nifty futures also faced strong support near 8380 – 8400. It may also face a strong resistance near 8480 – 8500 in the coming week.
According weekly chart basis nifty futures has closed above the resistance and a trend line which was at 8330. So in a week to come we may see a upside move till 8500 and 8600 if on closing basis Nifty future closes above 8430. Also if Nifty future gives closing below 8370 than it may also touch 8300 and 8220.
Important Support and Resistance levels for the next week are as follows.
Resistance (2) – 8584
Resistance (1) – 8500
Support (1) – 8370
Support (2) – 8300
Stock to Watch: NSE: ICIL
- On daily chart basis JKIL has exhibited a trend line which is taking resistance at 174 and also it has just closed above 200 DMA, which indicates a positive trend if breaks the trend line.
- Also it has rallied from past two days with increase in volume so if it breaks 174 than it may touch 182 and 188 on the upside. On the downside closing below 172 it may touch 167 and 163 in the coming week
- One can long above 174 with the stop loss of 167 on the lower side and target of 182 and 188.
Important Support and Resistance levels for next week are as follows.
Resistance (2) – 182
Resistance (1) – 174
Support (1) – 172
Support (2) – 167