In our last weekly report we had mentioned that NIFTY was to be bought on a 2 day decline to 7423-7380, with a SL @ 7257 and target of 7707. Accordingly NIFTY posted a 3 day decline to make a weekly low @ 7405 and then rallied to make a new weekly high @ 7714 and finally closed the week @ 7704.
In the current week NIFTY has support @ 7605 - 7485 - 7405 and resistance @ 7707 - 7736 - 7862.
In the current truncated week, NIFTY is expected to trade with a positive bias. If the NIFTY closes above 7736, the next upside target is likely to be 7862. As we have a small 3 trading day week, followed by 2 trading holidays and also the financial year ending on 31st march, we can see some profit booking emerge around 7736 levels.
No comments:
Post a Comment