The previous weekly note discussed about the likelihood of the NIFTY attempting to move past its falling trend line resistance which joins the lower tops. In the Week that went by, the benchmark Index struggled all throughout the week in attempting to move past this pattern area resistance though it made no clear headway on the upside. The pullback that was seen on the last trading session of the week saw the benchmark index NIFTY closing week with a weekly gain of 50.05 points or 0.46%.
The coming week is likely to remain critical. The zones of 10820-10850 will continue to remain critical and in the same breath, we will see NIFTY attempting to move past the pattern resistance of this falling trend line which joins the lower tops. The coming week will also see some volatility creeping in the Markets though the undercurrent is likely to remain buoyant.
(Research Analyst, SEBI Reg. No. INH000003341)
CMT Association (Formerly known as Market Technicians Association, (MTA), USA
Canadian Society of Technical Analysts, (CSTA), CANADA
Society of Technical Analysts (STA), UK
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