Last Friday Nifty got caught in a bear trap amid volatility after hitting fresh intraday record highs in the initial hour of trading, formed a bearish candle on the daily charts & this was following a Doji pattern formation on Thursday. Nifty seems to have started consolidation or minor downward correction from the highs. Volatility to rule for the few sessions but ruled out a major correction. However, the index rallied 3% during the week, formed a strong breakout formation and witnessed bullish candle pattern formation on the weekly scale. The medium-term trend is bullish, buying on dips and selling on rallies would be the ideal strategy for positional traders.
As per last closing 16238, current range 16150/200 to 16300/350
ON THE UP SIDE :-
WEEKLY RESISTANCES :-
If only stays above primary hurdle 16305/350 then in uncharted open sky projected 1st expected barrier at 16400/444 -16500 & then only that to be extended upto 16555 to 16666.
ON THE DOWN SIDE :-
WEEKLY Trend deciding Range 16200 to gap support 16175-150 – That area should hold by Bulls & that is the preliminary condition to maintain the last up swing.
If breaches then swing basis next crucial supports are 16081/40 & 16000.
Weekly basis very major base support of consolidation phase break out area :- 1> 15950 -15880 & 2> 15777.
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