Nifty Future Report – Weekly View – 21st July 2014

Nifty Future Hurdle 7710
Resistance at 7750 7800
Supports 7645 7615

 Nifty Future Daily Chart.

Technical Update: Nifty Future breakout from a rising wedge and made lows of 7445 this past week and made the Intraday high of 7692 and closed the week at 7669.35. For week starting Monday 21 July 2014 Nifty Future Will face stiff Hurdle at 7710 once sustain this level expect a rally towards 7750 7800 in coming days. The support for market is at 7645 7615. The 50 day SMA is @ 7489

Price: Price closed strong, with an outside bar bullish reversal pattern on daily charts. Also the price is just facing resistance around the trend line. Nifty Future is positive on daily , weekly and monthly time frames.

RSI : 14 day RSI is @ 57.38 the same bounced from 44.38 levels this past week. (Positives) From chart above its clearly seen the previous trend also took support at 46.13 (14 day RSI)  and trend continued upward to life time high’s for Nifty future. On 8th July Nifty Future Made all time high’s but there was a divergence in RSI the price made all time high’s but the momentum indicator made lower high’s hence there was a correction indicated.

Trend : Short term, medium term, primary trend are up with strong support at 7615 Levels. Till this level holds close base for the month the short term trend is up. The dips shall be bought.

Volume : The volume expanded thou on rally’s this past week but has been low as per average volume. Sign of been cautious at higher levels. Avoid making higher exposure’s.

Trading Strategy : Intraday trader’s be buyer’s in dips till 7645 with a protective stop of 7615 below sustain(or close) for upside targets of 7750-7800, Bear’s will be active once Nifty close below 7615. The trader’s carrying longs from previous week can book profits partly around hurdle 7710 once and modify there stops to 7615 for the remaining position.

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