February 7, 2014

NIFTY weekly update

On daily charts, nifty has closed at the highs for the 4th consecutive day. In fact, this whole week we had formation of higher lows and higher highs. Weekly closing was towards the week's high and above 6000.

But... the daily charts show small bodies with long lower tails indicating selling at every level. So we are having selloffs intraday followed by buying.

Option writing points to support at 6000 and resistance at 6200 this series.

Weekly charts show good signs of buying at lower levels... however we have stiff resistance at 6150-6200 levels.

Not crossing this week's high next week will be bearish for the market.

Comments welcome

No comments:

Post a Comment

Share this...