Nifty trend analysis for the week starting 07-April-2019
The nifty trend is up in the last 4 weeks and the market has given one-way rally thanx to the bulls (FII’s) who have been on a buying sphere.
The Nifty has moved from 10843 to 11834 almost 1000 points in one month.
Despite the big rally in markets many participants feel left out and the investors’ portfolio is in red since the broader stocks have not performed that much.
The trend ahead.
Nifty closed the week at 11760.75 now for the week starting 07-April-2019 nifty must hold above the levels of 11785 for the uptrend to continue on downside 11660 is strong support if the market breaks that level then a short term correction shall set in.
Weekly Charts suggest the trend looks exhausted now and we are at a long term trend resistance. Previously when nifty was around this level market went down for the next two months.
Will it repeat, that is hard to predict but since general elections around the corner in the next few weeks, anything is a possibility.
As per charts, 11785 above 12000 and trend continues for 12500
Downside begins below 11660 and the next strong supports are 11450-11300
Holding longs still since 10870
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