![]() It is recommended that shorts must be avoided and this consolidation phase should be used to pick the right stocks with strong relative strength. We will see sector-specific outperformance continue. On the higher side, it is unlikely to move above 17800 as per the options data unless there is any tactical shift on the other hand, it is unlikely to violate the 17000 levels in the event of any resumption of the corrective move. It appears to be in a trading range on the higher time frame charts.Īll in all, the NIFTY is unlikely to make a major directional move over the coming week. The NIFTY is above this trend line and remains in a broad, well-defined range. This extended trend line is drawn beginning from 15430 and joins the subsequent higher tops. The pattern analysis of the weekly chart shows that the NIFTY is well above the extended trend line pattern support. Apart from a white body that emerged, no other major formations were noticed on the candles. The weekly MACD is bearish and remains below the signal line. The weekly RSI is 53.79 it is neutral and does not show any divergence against the price. The technical supports and resistance points this week remain broader making the likely trading range much wider than usual. ![]() The coming week is likely to see the levels of 1760 acting as likely resistance levels. Despite largely sharp corrective moves and Union Budget being done and dusted, the NIFTY has kept its primary trend intact. Beginning Monday, any reaction that we will see will be a mature reaction to the Budget and the related sectors in a much refined way with the markets largely respecting the technical levels. The volatility too remained lower the INDIAVIX declined by 8.69% to 18.90 on a weekly basis. The markets had approached the Budget on a much lighter note and therefore did not see any major down moves after that. The monthly derivative expiry and the Union Budget are out of the way now the Union Budget was one of the most important domestic events that the market faced and digested.
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