Nifty Spot Weekly Overview: Last week two bar reversal formation had its effect and we saw a new low at 7441.60. During the week Nifty spot closed in between the bar indicating indifference among the players, hence high 7593.35 and low 7441.60 will be trend deciding levels next week. Next week being third week a relief rally from lower levels could not be ruled out. 7395-7365 appears to be crucial support for Nifty spot and may move on relief rally from the said support levels. The overall structure still is of corrective in nature and only closes above 7665.00 we may edge towards new high towards 7880.00 and 8040.00. Though overall trend is up every dip had to be use for buying purpose. The major strong support for the Nifty spot exist between 7290-7300 levels and gradually Nifty spot may test the said levels and then may resume its up move. Conclusion: To conclude as of now Nifty spot appears to be in corrective phase and the strong support exists between 7290.-7300 levels. At the same time strong resistance is at 7665 levels. Hence we may see Nifty spot to move in range bound between 7300 and 7665 ahead the Budget session.
Posted on: Sun, 29 Jun 2014 04:55:11 +0000
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