Nifty Likely to Trade in 89509000 Range with Bullish Bias
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.
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?