Nifty Previous Week
The Nifty declined -1.7% and closed at 10997 on the week ending 2 August. As mentioned in our previous post, Nifty declined a tremendous amount. All the indicators were pointing towards a Bearish move and nifty performed as expected. Excellent opportunity for making profits.
Overview
In my previous post , I mentioned Nifty to be weak and that it could decline further. It declined and touched ~10850 levels. On Friday, Nifty opened with a gap down, but it showed some strength after the morning session. On Friday, it ended in green. However, this upward move could be just a breather.
We can observe from the Daily chart that nifty is now trading at a crucial level. “Supported Channel” in the graph shows that Nifty traded in this region for quite a long time (from December2018 to March 2019) making this level a very strong support. It is wise to wait and confirm the direction. On the downside if Nifty breaks the 10990, the next strong support is at ~ 10570, On the upside, if it finds support and rises up, the next strong resistance is at ~11400. The intermediate levels are mentioned in chart below. All technical indicators are still bearish, however RSI is now at its lowest. The low RSI along with a Green candle makes a possibility of Nifty rising up this week; Correction or Uptrend can be confirmed later based on further information.
From trading point of view, a Bearish sentiment is still favourable 🙂
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
