Updated every Monday, on weekly basis.
26th September 2016 (Monday)
Market Short-term trend : For Short-term positions
Market in short-term correction
Next major support 8700
Nifty expected to witness minor correction, as market closed in a cautious trend in last week.
Nifty incase of a possible correction, next support below is at 8800.
Incase of any further weakness and if closes below 8800, then it indicates a further weakness.
Then the next support below is at 8760.
Incase of a further close below 8760, then it indicates a further correction.
Then the next major short-term support below is at 8700.
A recovery or a consolidation is expected at 8700, before indicating next direction.
Incase of any recovery, market has to close strongly above 8800, for atleast two days, a short-term uptrend.
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.