We saw some respite towards the last two sessions of the last week, barring that NIFTY saw all black days. Now NIFTY stands at a point where we can be little bit optimistic about the coming week.
Look at the NIFTY daily graph below, NIFTY has successfully tested the mid-term support (green line) for last two session, where was it has successfully broken the long-term support (red line). With this information we can say that NIFTY has a support at around 5700 and resistance at around 5900.
Here is the 15-min chart of last 10 days for NIFTY. Here again we see that NIFTY successfully tested the support in the range of 5720-5740 in the last session.
RSI is near 50 for both the daily and the 15-min chart, giving no clear-cut buy or sell signal. Our prediction is that NIFTY will be range-bound between 5700 and 5900 for the coming week.
On the negative side we have expiry of FnO section in this week as well FIIs armed with the new power short-selling. Any negative news, if triggers the FII short-selling then it may take NIFTY down this short term support. Below that NIFTY has support at 5500 and 5400.
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