/anm-english/media/agency_attachments/AtBG5e3MoE629QYzhZen.png)
/ )
/anm-english/media/post_banners/KAb8gAQvasIE0HdEK7aY.jpg)
By a staff reporter :
*
Weekly Tech View Nifty Spot _02.08.2021*
This Friday Nifty End Marginally Lower amid volatility.
*Nifty cl :- 15763.* Last Monday Weekly Open at 15849 & initially High 15893. Failing to cross 15900 correction started. Tuesday corrected upto 15700 but actual weekly basis correction occurred on Wednesday. Low hit at 15513. Weekly swing basis our all bear targets achieved & after fencing themselves from 15500 Bulls gave a complete “V” shaped recovery erasing almost all initial loses. This Friday after opening at 15800 Nifty moved upto 15863~, but in last leg sudden fall & profit booking occurred & corrected ipto 15744. Finally Nifty settled at 15763 <100 points from day’s top > just below 20dma 15788.
Daily basis Nifty formed Shooting Star pattern – bear reversal though confirmation required . Weekly basis -93 points negative closing but formed a Hammer type of pattern with a long tail supported from crucial level 15500+.
So Nifty is indecisive - directionless & still in range bound, immediate basis 15600-15900 & widely basis 15500 to 16000 for last 8 weeks.
The index needs to break out of the 15900-15600 range for trending move either side for another 150/200 points otherwise traders have no option , go for range bound trading. Buy on dips & sell on rally. Better go for stock specific move.
*On the Upside* :- 1st resistance 15800 & then important 15858--15888.
Above 15900 break out then 15953/975 & extended basis 16030/050.
*On the down side* :- Below 15744 Weekly supports 15700/666 & then 15600.
Break down support below 15600--15550—15475/450.
*Options data* :- Since it is the beginning of the new series, the options data is scattered at various far strikes. But still it suggests the Nifty can see a broader trading range of 15500 to 16000.
*India VIX* last closing 12.80. Weekly Op: 11.76 low 10.40 High 15.98 & cl 12.80. Week to week basis up 8.84%. Resistance 17 & Support 10.