March 17, 2017

NIFTY weekend update

Weekly charts
- trend is up on weekly charts
- this week saw a huge gap up opening
- nifty has also closed at lifetime high
- some profit booking cannot be ruled out
- immediate support is around 9000 area.

Daily charts
- trend is up on daily charts
- today, NF opened gapup but closed at the low of the day
- this indicates selling pressure around 9200 levels
- a correction is possible
- support expect around 9000 and then 8800 levels

5 min charts
- signs of selling at higher levels
- best area for short trade shown

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