Nifty Previous Week
The Nifty declined -0.5% and closed at 11284 on the week ending 26 July. As mentioned in our previous post, Nifty traded within the range with increased volatility. It also didn’t hold the Trend 2 levels and is now trading below, not providing any long trade opportunity.
Overview
In my previous post , I mentioned Nifty to find support at Trend 2. However, Nifty declined continuously for four trading days. On Friday though, it closed on a green. For the upcoming week, all the indicators are again pointing towards a bearish move. Caution is required to take positions.
We can observe from the Daily chart that nifty has breached the Trend 2 line. Although all indicators are pointing towards a bearish move , it is difficult to be assured. Nifty has a strong support at 11099. In fact Nifty can rise from the current levels too. Therefore, it’s better to take positions once Nifty starts to gain momentum in either direction. Support and Resistances can be used for setting Stop losses and Take Profit levels. A new resistance line is highlighted in the image above. The returns history also suggests a more likely bearish move and the range for the upcoming week is 11077 to 11508
For a complete report on what can be expected this week, Please email at sstpredictions@gmail.com to receive it.
Prediction
Disclaimer
This article is to introduce readers / traders/ students about the predicting aspects of trading and doesn’t guarantee any success. Trading is a very risky business and losses can exceed investments. Trade at your own risk
