NIFTY WEEKLY ANALYSIS
Nifty futures fell on account of profit booking from 10100 levels and made a low of 9710.10. Nifty futures has closed below the support level of 9780 which indicates that further selling may be seen in next few trading session. Another reason for market fall could be the Geo Political tension that arose between India and China. Volumes have been increasing from the past 3 trading sessions starting from the day Nifty futures close below 9940.
Nifty futures may take an important support at 9688 and 9595 in the coming days. A closing below 9688 levels, may see Nifty futures touching 9600 levels. On the upside Nifty futures faces resistance at 9830and 9943 level.
The key levels to watch out for in the next week are as below.
Resistance 2- 9950
Resistance 1- 9830
Support 1- 9688
Support 2 – 9595
Stock to Watch: NSE: TVTODAY
- According to weekly chart TVTODAY has formed a bullish engulfing candlestick pattern and with strong volumes prices and hence the trend may continue if it breaks the trend line at 252, then it may touch 262 and 270 levels. On the downside, a closing below 240 could result in the stock touching 236 and 230.
- One can go long above 252 with the stop loss of 247 and a target of 262 and 270.