Nifty started the week on a flat note and continued its previous week's bearish momentum throughout the week. Nifty closed at 17102 with a loss of 515 points on a weekly basis.
On the weekly chart the index has formed a long bearish candle forming lower High-Low compared to previous week indicating weakness
Since the past 3-5 months index is consolidating within 18400-16800 levels indicating short term 28 Jan. Hence any either side breakout will indicate further direction.
The chart pattern suggests that if Nifty crosses and sustains above 17400 level it would witness buying which would lead the index towards 17600- 18000 levels.
However if index breaks below 17000 level it would witness selling which would take the index towards 16800- 16400
For the week, we expect Nifty to trade in the range of 17600-16800 with mixed bias.
The daily and weekly strength indicator RSI is in bearish mode which supports bearish sentiments ahead.
On the weekly chart the index has formed a long bearish candle forming lower High-Low compared to previous week indicating weakness
Since the past 3-5 months index is consolidating within 18400-16800 levels indicating short term 28 Jan. Hence any either side breakout will indicate further direction.
The chart pattern suggests that if Nifty crosses and sustains above 17400 level it would witness buying which would lead the index towards 17600- 18000 levels.
However if index breaks below 17000 level it would witness selling which would take the index towards 16800- 16400
For the week, we expect Nifty to trade in the range of 17600-16800 with mixed bias.
The daily and weekly strength indicator RSI is in bearish mode which supports bearish sentiments ahead.
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COMING LEVEL 16800