Last week what ever posted about market here …marked traded like that only .
Three years weekly Nifty chart is indicating that only 4 bullish candles lifted nifty to 6000 level . generally 5 bullish candles were there in each swing in past on an average… so next coming candle may take nifty to 6100 or above as nifty is trading above 20 WMA and in upper bollinger zone which we can say is bulls dominated area …
RSI is ar 66.21 and pointing to North East direction is itself a bullish sign
Daily eod chart is showing that nifty is trading in center of of horizontal and up slanting channels with bullish momentum ..last candle ended making spinning top and RSI pointing to South east indicating that traders booked profits also and now dilemma is there but bollinger has given space to up move so looking up only towards 6160..
nifty hourly chart is showing that 5990 is strong support if broken than 5900 and up side resistance is around 6100 5150 ..
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Seeing all this it is predicted that nifty may trade in range of 5950 to 6175 in coming week with volatility …If no major negative news will not be there…as news rules over technical indicators.
NIFTY MACRO & MICRO ANALYSIS – WEEK ENDING 26 JULY 13