NIFTY WEEKLY CHART
NIFTY trading in an up trending channel on weekly charts. The key Indian Indices CNX NIFTY is also having a key trendline support from Feb 2014 lows 5980 also near lower end of the channel around 7840. On Intra week daily charts has a key support 7777 (7770 - 7785) below index can test 7620 - 7600 support. The index has been forming consistently forming lower tops and lower bottom on daily basis after topping near 8121 on 9th September 2014.
Technical indicator RSI are near the support. So the hold of 40 could trigger a short covering bounce in alternative scenario. Also lot of PSU are over sold and due for short covering.
But the situation will be grim below 7840 closing for NIFTY on weekly basis. So cautious times ahead for Indian markets?
Has the medium term correction started for NIFTY or still fresh highs can be seen ?
Has the medium term correction started for NIFTY or still fresh highs can be seen ?
Raju V Angadi
Equity Research Analyst
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