Nifty key levels remain intact
Refer to the last week’s analysis wherein resistance in the range of 11541-11620 was mentioned. Nifty touched the highs of 11,618 during the week and couldn’t break this resistance, it finally closed at 11504 almost flat closing for the week. While the key indicators like RSI and MACD are in negative territory, Nifty’s closure above EMA20 and DMA10 levels keeps the bulls hope alive for coming week. On monthly chart, positive zone is maintained. Immediate resistance for Nifty for coming week is in the range of 11629-11696 range. Clear strength in Nifty will emerge only above 11,755-11780 resistance zone.
On downside, there is immediate support at 11,468, followed by 11383-11408 zone. Further support points, as mentioned in our last analysis, are maintained at 11,303 , 11,178 and 10,880. Below 10,880 pace of weakness may accelerate. Derivative market data indicate resistance and support at 12,000 and 11,500 respectively.
#Nifty50
- Rajesh Ramchandani
On downside, there is immediate support at 11,468, followed by 11383-11408 zone. Further support points, as mentioned in our last analysis, are maintained at 11,303 , 11,178 and 10,880. Below 10,880 pace of weakness may accelerate. Derivative market data indicate resistance and support at 12,000 and 11,500 respectively.
#Nifty50
- Rajesh Ramchandani
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