Nifty Likely to Trade in 89509000 Range with Bullish Bias

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This week the Nifty may move in the range of 8950-9000 as the in­dex has moved into over­bought ter­ri­tory now due to heavy buy­ing in the last few weeks. The in­dex may hit new all-time highs in the near term with all the con­cerns over weak earn­ings, de­mon­eti­sa­tion, the Union Bud­get and Trump al­ready be­hind us.

SAMEET CHA­VAN

Our mar­kets con­tin­ued its win­ning streak for the fifth straight week and has now closed a tad be­low the 52-week high. The weekly chart looks ex­tremely en­cour­ag­ing as we can see a com­ple­tion of ‘Bullish Cup and Han­dle’ pat­tern.

As far as the di­rec­tion is con­cerned, we would con­tinue with our op­ti­mistic stance and ex­pect the in­dex to hit a new all-time high soon. For the forth­com­ing week, we ex­pect an im­me­di­ate range of 8982–8826 for the Nifty.

What could In­vestors Do? to­wards the lower end of the range, BIRENDRAKUMAR SINGH

CHIEF AN­A­LYST – TECH­NI­CAL & DE­RIV­A­TIVES, AN­GEL BROKING AVP – TECH­NI­CAL RE­SEARCH, SYSTEMATIX SHARES & STOCKS

On the weekly chart, Nifty’s trend is pos­i­tive. The pull­back from 7,893 (De­cem­ber 2016 low) till date so far took two months. Its move above 8,969 by end of March would in­di­cate faster re­trace­ment of the down­trend time wise. In this case, the in­dex’s trend on the monthly chart would turn pos­i­tive. This will be big pos­i­tive for the Nifty.

Where are We? What is in Store?

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