April 23, 2017

NIFTY Weekend update

  • Daily chart shows price trying to move back above 20 Day SMA and closing back below this line. Now More weakness in daily chart if 9075 levels is broken.
  • Bigger falls or a Top in weekly chart can form only below 8990 levels. There is small GAP in weekly chart around this zone. Weekly close below this level may lead to a trending move in this time frame.
  • Having said that If bulls manage to close back above 20 SMA then bears will be at a disadvantage again.