Weekly and Daily TA of Nifty & Bank Nifty
Nifty Weekly
Downtrend that started from a high of 5702 has ended the week making a classic DOJI. This may signify change of the downtrend. Downtrend low was 4946. We have closed at 5073 spot. Weekly high is 5204.
Indicators remain in sell. Larger trend hence is down and in sell.
Nifty Daily
5200 area is a very strong supply zone. We have a bearish engulfing candle on friday but since the week has been trendless its efficacy diminishes. Indicators on daily are again giving a sell signal incase we have a down day on Monday. The week has been trendless and thus we may be developing a trading range, hence its a market for traders not positionals. 5050 is a demand zone and hence for now the downside looks limited.
CONCLUSION - SELL NEAR 5200 OR JUST PLAY INTRADAY.
No comments:
Post a Comment