NIFTY August Series Outlook

Nifty Future is Trading in a Perfect Upward Sloping Wedge Technical Pattern as marked on the charts. As rally is mainly driven by the liquidity and Market looks overbought to many of us, but on should take a note that Bulls are in full control and any correction in the Nifty has been used for buying. We can see Gap on the Daily Charts in Nifty and Nifty is likely to fill the Gap before we see any reversals.

Immediate Short Term Weekly Support @ 11350- 11400
Immediate Short Term Weekly Resistance @ 11530-11550

Wedge Pattern Resistance Seen @ 11800- 11900
Wedge Pattern Support Seen @ 11250- 11200

Any Breakdown below 11200 On Weekly Closing basis will open the market for the downside and we can see correction in the markets.

Comment:

As mentioned Wedge Pattern Resistance 11800 in the Nifty Future and Today Market Seen Sell off from 11794 Kissing the Resistance Levels and Sell off of almost 400 Points from Days High. !! Prediction like a Dot !!