Nifty Tips for next Week
Nifty Future in this week witnessed huge correction from the higher levels and lost almost 270 points in this week. The key thing is that it had reversed it’s trend. Due to the weak global cues the medium uptrend has come to an end. The last trading day of this week was highly volatile and uncertain due to the verdict of supreme court on RIL-RNRL gas dispute case. In this week we are expecting that the Nifty future could continue the selling pressure and we might see some more selling in it. Technical indicators like RSI and MACD both are indicating weak signals in charts.
Key supports & resistances for this week
Resistances:
In the upside 5105 & 5200 are the two key resistances for this week.
Support:
In the downside 4950 & 4820 are two good support levels.
Strategy for traders:
Nifty future is in the down trend and looking to continue this trend for a while. Sell on rise would be good strategy in it. We recommend that traders could initiate the shorts in Nifty future below 4950 for the Targets of 4825 to 4830 with the Intraday Stop Loss of 5005. Those traders who already shorts in it could hold it with the Stop Loss of 5105.
Posts
