Quantcast
Channel: Market Calls
Viewing all articles
Browse latest Browse all 2070

Nifty Weekly Observation – 26 April 2015

$
0
0

nif

Trend 

Short term Down
Medium term – Down
Primary – Up

Major Support 8300, Major Resistance – 8600
Formation : Head and Shoulder
Strength : Strong

Observation : Nifty future made the low of 8280.90 and closed the week at 8318.80, The short-term and medium term trends are down and nifty is just moving around its 200 day moving average. From the daily charts above we can clearly see a head and shoulder formation and which is very clear in breaking its neckline.

The strength of the formation is strong since these are reversal patterns head and shoulders are formed mostly near tops. The neckline in slanting downside and once we breakout below 8300 convincingly another sharp sell of towards 8000 can be witnessed in markets. Head and shoulder formation targets is 7600 thou it shall take few weeks to reach if the pattern does not become invalid in coming sessions.

On upside the major resistance now is at 8600. We are entering fno expiry week for april series. This month has been in favor of bears.

 

Related Readings and Observations

  • Nifty Future Weekly Observation 06-April-2015 Nifty future opened the week at 8474.75 and made the high of 8645.55 and closed at the higher end of the range at 8633.10. The week was the shortest as there were only three trading days. […]
  • Nifty Future Weekly Observation – 23 March 2015 We have witnessed three outside bearish reversal bars in march month every week, Even After a gap up opening on any global positive news or local triggers market has not been able to hold […]
  • Nifty Future Weekly Observation 16th Mar 2015 Nifty future closed the week on a very weak note. The momentum slowly has been in favor of bears. Fridays trading session witnessed heavy selling pressure after. Nifty future opened gap up […]
  • Nifty future Intraday Observation- Budget 2015 Special Nifty recovered all the correction made during the first four days of the week on friday's trading session. After opening at 8769 it was just a one way move slow and steady and picking up […]

The post Nifty Weekly Observation – 26 April 2015 appeared first on Marketcalls.


Viewing all articles
Browse latest Browse all 2070

Trending Articles