Weekly nifty analysis - how to trade the upcoming week.Nifty had to touch 17270 - 17320 levels before any downside move can be expected!
Nifty has been moving in a downward channel the last few weeks and has consistently made lower highs and lower lows.
Nifty on the upside is to have significant resistance at 17320. Any closing above that on a daily time frame is a sign of a new bull run as long as its able to sustain above it.
However, in the event it does not break 17300, a fall can be expected till 16444.
Last week, on the first day itself, all targets were hit on the downside and the nifty started making the upmove. However it will be interesting to see if nifty falls and closes this week below 16694 which is the 618 fibo line. A closing below this is very significant for bears as it can lead to huge fall.
Targets for the week:
Keep upside target as 17300 and any closing on daily TF is continuation of bull run.
Keep downside target as 16694 and then 16444 which can be seen mostly next week.
