Nifty last week (17th April 2017 – 21st April 2017) round up- Last week nifty ended in a negative note by giving away 31 points. Nifty was trading in the range of 142 points where sellers were trying to short the nifty at higher levels around 9220 levels and buyers are supporting near 9060- 9080 levels.
Nifty on Monday 17-April-2017 : Traded in a 40 points range
Nifty on Tuesday 18-April-2017 : Gap up and tried to move above 9220 levels but sellers took charge and made the nifty to drift lower.
Nifty on Wednesday 19-Apr-2017 : Nifty moved to lower end of the 9075 levels and found support and traded again in 45 points range.
Nifty on Thrusday 20-Apr-2017 :Snapped 5-day losing streak to close above 9130 levels.
Nifty on Friday 21-Apr-2017 : Opened with 43 points gap up but failed to sustain to end the week above 9100 levels.
Nifty outlook for the Next Week (24th April 2017 – 28th April 2017) : Nifty Nifty breaking 9 weeks trend line drawn by connecting the low’s is negative, so we can expect market to drift lower to 8930 -8950 levels where the index formed a gap up opening after UP elections results. Any longs only can be initiate above 9250 levels.
Nifty Weekly Support : 9060,9020
Nifty Weekly Resistance : 9250,9300
Nifty Expiry 27-Apr-2017 Level : Expiry will be around 9020-9160.
Nifty Trend Reversal : 8980 – 9000
Nifty Weekly Strategy (24th April 2017 – 28th April 2017) : Short nifty with a target of 8950 with closing stop at 9220 levels.