The Nifty spot open for the week is placed at 6168. Today Nifty spot closed at 6166.
Barely, a couple of points decline. But, within the week, the sentiment of the traders is much shaken.
Before, we come to any conclusion for the Index, let's take into consideration two simple and basic points.
1) The Index has not breached important support yet. Will the support be breached or not that is anyone's speculation. But, as of now, it is not breached.
As we see on the above Weekly chart, the previous resistances have become important supports for the Index now. These support level which is placed at 6150 or so is not breached.
So far so, for the week, the Index is forming a Doji.
2) On immediate basis, Nifty resist to hold 6230 level.
Barely, a couple of points decline. But, within the week, the sentiment of the traders is much shaken.
Before, we come to any conclusion for the Index, let's take into consideration two simple and basic points.
1) The Index has not breached important support yet. Will the support be breached or not that is anyone's speculation. But, as of now, it is not breached.
As we see on the above Weekly chart, the previous resistances have become important supports for the Index now. These support level which is placed at 6150 or so is not breached.
So far so, for the week, the Index is forming a Doji.
2) On immediate basis, Nifty resist to hold 6230 level.
During most of last fortnight, the Index has been in a range of 6230 to 6150. It is absolutely right that by and large the index has remained on the lower end of this channel. But, please not that the weekly close has yet not taken place.
Conclusion: Before the weekly close takes place, ascertaining target of the Nifty spot is just a hook. That is anyone's speculation. Tomorrow, if the Index closes below 5140, the selling pressure will be seen even in the next week. If the Index manages to close above 6130, positive momentum will start building up again.
Happy trading.
Sheetalpuri Goswami
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