Nifty last week (15th May 2017 – 19th May 2017) round up- Last week nifty ended in a positive note by gaining 27 points. Nifty was trading in the range of 142 points and also nifty hitting new historical high levels of 9532.60.Nifty managed to take support near 9380 and close the week at 9427.90
Nifty Weekly Movement : Open: 9433.55 High: 9532.60 Low:9390.75 Close :9427.90
Nifty outlook for the Next Week (22nd May 2017 – 26th May 2017) : Nifty forming Doji on weekly chart and also put-call ratio at 1.41 suggests over bought condition,so we can’t expected much up side in the coming week. As this is exipry week and FII’s are sellers in the market its best to be cautious in the market. We are in the bull market but we need to correct to 9160 levels before starting the next upward leg which will be healthly for the market.One can create long positions near 9160-9200 levels. Any weekly closing below 9380 will lead the market to 9160 levels.
Nifty Negative signals : Nifty Futures rollover cost is Just 5 points,FII’s are sellers , Put-Call Ratio in Over bought Zone.
Nifty Positive Signals : Near 13-EMA at 9402
Nifty Weekly Support : 9330,9250
Nifty Weekly Resistance : 9500,9550
Nifty Expiry 25-May-2017 Target : Expiry will be around 9300-9450
Nifty Trend Reversal : 8980 – 9000
Nifty Weekly Strategy (22nd May 2017 – 26th May 2017) : Short Nifty JUN Futures at 9450 levels with a target of 9250 with closing stop at 9590 levels.