Nifty View For The Coming Week

Nifty Spot - Daily Chart

Nifty has broken the rising trendline which indicates an end to the rally which started from March. A correction either time-wise or price-wise can be seen now. Nifty from the last 3 sessions has traded between 7675-7775 range. Buying can be seen at 7700 levels and selling can be seen at 7775 levels.

For the coming week, if the index breaks above 7775 then we can see an upmove towards 7850-7870 levels. Above this is a very tough zone for the index. 7900-8000 is a very crucial zone on the index and a breakout from this range will step up a new trend in the medium term.

If the index, however, breaks below 7675 then we can see a correction till 7500 eventually. In our last post we had mentioned that a break below 7780 can show 7580 levels and we maintain this view. Overall, we are neutral to bearish on the index for the short term.

Our view on Nifty for May Series can be read here.

Our investment advisory services are outperforming the Nifty index by 12.59% annualized. To know more click here.
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