In the Nifty weekly analysis, we analyze the whole of last week’s movement of the market. In our weekly edition, we are not only analyzing the last week’s movement but also analyzing the upcoming weekly movement. Last week the market was highly volatile and sudden up and down movement we have seen. In this edition our view only on a technical chart basis. The market was rose and taken up by in the hope of the tax cut on FPI surcharges. The Finance minister continue to in discussion with FPIs and mulling to relief them on surcharges.
The week Nifty was open lower at 10895.80 and swing high till 11181.45 low 107872.60 and closed at 11109.65. Bank nifty open at 27841.20 made a high of 28602.75 low 27389.50 and closed 28431.90. The spot Nifty gain 112 points and Banknifty gained more 225 points and closed positively. The whole scenario of the market is not looking so good and it seems that the volatility will continue in the coming days. The market was gained and closed in the green after the continuous fall of five weeks. Fort the spot Nifty 11025 will be the key points for the week. If the spot Nifty will trade and sustain above 11025 then it will take the market on the higher side, and sustaining below of it then the market will consolidate and volatile.
From the above spot nifty 50 weekly charts, it can we saw that the spot Nifty is trading above its uptrend line. He spots Nifty tested the 100-day moving average and closed above it. From the above chart, it is clearly can be seen that the spot Nifty closed in the green after the five bearish candles with support of 100 days moving average, uptrend line and price support around 10900. The market would continue its weekly uptrend and can move up to 11300 to 11500 in the coming week.
Technically, from the above chart MACD crossed over negatively, Stoch RSI broke uptrend and RSI also breaks the uptrend indication line. These indicators indicating that the market most probably will come down and the big correction is waiting.
Spot Nifty 50 trading range for the coming week 13-08-19 to 16-08-19
Upside resistance(weekly):- 11266.55, 11425, 11580.
Downside support(weekly):- 10865, 10625, 10225.
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