Updated every Monday, on weekly basis.
20 Feb 2017 (Monday)
Market Short-term trend : For Short-term positions
Market major resistance at 8900
Market in last week, it has closed indecisively near 8900 levels.
Market is still in short-term overbought position, for the short-term investors to be cautious
Nifty expected to witness a cautious trend at higher levels
Nifty incase of any further uptrend, then it has the next major resistance at 8900
Nifty has to close strong above 8900, for a further uptrend
Then the next major resistance above is at 9000.
Incase of a possible weakness, then the next support below is at 8800.
Market has to recover above 8800 for safety of the uptrend
Only in-case of a decline below 8800, then it indicates a weakness.
Then the next major support below is at 8700
Market has to recover above 8700 for a safety.
But in-case of any further weakness and if closes below 8700, then it indicates a short-term correction
Disclaimer: This content is only for Education and for Information purpose. There is risk of loss in the stock markets and it is not suitable for all Investors/Traders. Returns in the market are dependent on market conditions. The analysis made herein is based on Technical Analysis, and is subject to change. Readers of this column are advised to use their own discretion before trading or investing in the financial markets and they are only solely responsible for their actions.