From the last few trading session markets is in a highly volatile mood and it is continuous in a selling pressure it seems that bears are riding the bull from the last month, and the last and current month expires in their hand.
Nifty spot loses more than 130 points from its last weekly closing and trading near term support of 11108. In the last week, the Nifty spot opened 11392.85 and closes at 11284.30 whereas high and low is 11398.15, 11210.05 respectively. During the trading session market test near the psychological support around 11200 and the Nifty spot made a low of 11210.05 and bounces till the near resistance of 11300 and made a high of 11307.60 in last trading day.
Nifty 50 weekly chart
Above is a Nifty spot weekly chart and it is clearly been seen that the Nifty spot is in uptrend and trading near its uptrend line which is around 10980. From the above chart, we can see that Nifty spot trading above its uptrend line and is in uptrend from 29-02-2016.
Technically Nifty spot trading above its 100 moving average with uptrend line which we can see in the chart. It is important to test the support of the uptrend line or moving average for healthy upward movement. It is also to be noticed that the Nifty spot closed below its near resistance of 11300.
Trading range for the coming week of Nifty spot
11300 is a key level for the Nifty spot if it holds and trade above 11300 then the Nifty spot can move up to 11400 to 11475 otherwise downside space is open till 11108.
Upside resistance(weekly) :- 11385, 11485
Downside support(weekly) :- 11195, 11109.50