Below mentioned are the Weekly Article for Indian Indices

 
NSE INDEX CMP 5479.40

On charts short-term trend is down & trend reversal would be only if Index closed above 5550; for traders the strategy to trade would be sell at everyrise with a strict stoploss of 5550 as per closing basis.

Weekly Resistance          5520 | 5550 | 5581 | 5644

Weekly Support               5440 | 5416 | 5377 | 5314

 

BANK NIFTY CMP 10991.20

Friday’s closing is closed with a Doji Pattern on charts (as per candle sticks), this means trend reversal or in other words a swing is expected in less than 2 trading sessions. Short term charts looks in over bought zone and is expected to correct; as I have mentioned earlier that 11126 would play a very important resistance for this index therefore strategy to trade this index in this week would be sell at everyrise with a strict stoploss of 11126 as per closing basis.

Weekly Resistance          11077 | 11130 | 11216 | 11355

Weekly Support               10905 | 10852 | 10766 | 10627

 

CNX IT INDEX CMP 6076.10

Index is expected to trade within the range of (6217 – 5908); until index does not close above/below the mentioned range it would be trading “Range Bound&" on charts. Best strategy to trade this index would be Sell near resistance and Buy near Supports with a strict stoploss of the nearest support/resistance.

Weekly Resistance          6131 | 6165 | 6219 | 6308

Weekly Support               6021 | 5988 | 5933 | 5845

 

Disclaimer

We & our clients do not carry any positions in the above mentioned indices, however we may trade / advise the above said for trading to our clients.

 
(Ravi Nathani is a Mumbai based Technical Analyst. For more details visit www.nsetoday.com)