Based on different feedbacks, we will only be providing support/resistance levels and some additional technical indicator scenarios for NIFTY from this week. So whats there for the NIFTY in the coming week
Support – NIFTY should find major supports at 6040 followed by 6020 and a few minor supports between 6000 and 5900 (5975, 5925 and 5900)
Resistance – NIFTY will face resistance at 6110 and 6175.
Overall sentiment – If we look at the 30-min chart of NIFTY below then we can see that NIFTY bounced off its 20-day WMA with a white candle stick standing just above 20-day WMA. This is a bullish indicator. Even the Bollinger bands are contracting which again is a positive indicator. The only negative thing from the technical perspective is the formation of a Doji after a few white candlesticks. If NIFTY crosses 6110, then we can see it touching 6175.
Support – NIFTY should find major supports at 6040 followed by 6020 and a few minor supports between 6000 and 5900 (5975, 5925 and 5900)
Resistance – NIFTY will face resistance at 6110 and 6175.
Overall sentiment – If we look at the 30-min chart of NIFTY below then we can see that NIFTY bounced off its 20-day WMA with a white candle stick standing just above 20-day WMA. This is a bullish indicator. Even the Bollinger bands are contracting which again is a positive indicator. The only negative thing from the technical perspective is the formation of a Doji after a few white candlesticks. If NIFTY crosses 6110, then we can see it touching 6175.
One very interesting thing to note in the NIFTY daily chart below is that NIFTY seems to be forming an ascending wedge which may get completed in the month of Jan, if this wedge breaks out in an upward direction then we can see the continuation of the bullish treand for some more months.
NIFTY daily chart:
NIFTY 30-min chart:
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