*Weekly Technical view point of Nifty Spot :- PART B*

​By a staff reporter: 

Last week as expectation we have seen a big move amid high volatility subject to hold 16350 & specially above 16550 momentum expected upto 16666 to 16777. *Nifty actually moved from 16395 to 16722.*

Our projection almost met & *that will be more extended for coming week from 16550 to 16900.*

Monday we may hope a Gap up opening at or above 16800. But after near around 100 points big jerk intra traders should cautious at higher –some profit taking or cooling may possible. First 15 mins high and low will be crucial to decide the trend for the whole week.

Key technical Levels that should be kept in mind as on closing 16705 :-

*Bigger expected weekly Range 16980 --- 16380 *

*On the Upside*:-

*Bulls may initially active above 16722 & then more above 16777* for the move towards in uncharted open sky 16840 <1st Resistance> & *16888/919 <2nd > < rounded 16900 which is the major resistance –intraday basis Traders should cautious there >*

Fresh break out above that & then more extended Hurdles are *16980--17070*.

*On the downside :-*

*Any initial jerk may retrace upto 16700 to 16666. Major pivotal support at 16333.*

Bears may active below 16633 for a move back to *16565 & 16510 < this is the major support & that should hold >.*

Fresh negativity only below that & then extended lower supports are *16440 &16380 <20dma>.*

Source : Eureka

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