Nifty Weekly Analysis

Nifty showed a good upside momentum this week, it not only maintained support at 7950 levels but also broke upper channel line and closed at 8381.10 levels. Let's check out what is coming in next week:




















Nifty has moved past the upper channel line, which is a bullish sign but in such cases most of the time we see a downward pullback, the same is due in nifty as well. Here is what various indicators are telling us


1) Moving Average Convergence Divergence (MACD)




















MACD Oscillator has turned red on last day of week, checking the past behaviour of nifty we find that every time this happened nifty has shown a good amount of correction. So, MACD indicator is giving a bearish signal

2) Relative Strength Index:









RSI is above 70. Hence over bought, and giving bearish sign

3) Stochastic Oscillator
Stochastic Oscillator is overbought above 80% levels and seems to be turning downwards from present levels. Hence giving a sell signal in nifty.

4) Support & Resistance:


SUPPORT 1- 8323
SUPPORT 2- 8152
RESISTANCE 1- 8420
RESISTANCE 2-  8477


Overall View: We are expecting 8470 to be a crucial level on upside, if nifty is able to close above that, game would in hands of bull. 

But given the fact that most of the indicator we have used in our analysis are giving a bearish signal we are expecting downside in nifty with supports at 8323 and 8152 levels. Let's see what next week brings out.


Happy Trading
The Multiplier



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