On the daily charts, NIFTY is witnessing an inverse head and shoulder formation,
which suggests further upside and NIFTY likely to take resistance at 2854 and 2970
or even 3147 in near term. In the forthcoming week NIFTY may be considered robust
in the higher side but it is also rare to move more upside owing to a tug of war
between buyers and sellers. On the higher side, the Nifty should take resistance at
2798 and 2814 levels. Breaching 2814 level on closing basis, NIFTY can move
towards 2854 or even 2953 levels, while on downside, the support comes in at the
2708 and 2678 levels. A break of 2662 level, it may test 2646. If global market
continues to fall in the coming week, then NIFTY might test 2612 and 2570 or even
2503 levels.
No comments:
Post a Comment