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Technical Analysis
Nifty Weekly Technical Outlook
Posted by
14-Mar-15 03:49PM
As we can see in weekly chart provided in blog Nifty is witnessing a top reversal candlestick pattern. Nifty has tasted a life time high of 9119.20. After hitting ds level there is Doji pattern. That is on the top that means the nifty is ready for a big fall. Nifty start falling after this formation till 467 points down on the weekly basis.
Recently we have seen breakout of supportive trend line breakout that is also indicating a trend reversal. Now successive breakout below 8650 levels is witness of fall. Stochastic oscillator also crossover giving sign of selling pressure.
Nifty trading range for the week is expected among the key support at 8534 and resistance at 8840.
Recommendation:
Nifty weekly chart looking weak according to chart. the best wat to trade in nifty is now to sell on rally with stop loss of 9000 for the target 8100
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