The Nifty Index has been range bound for quite a while between 6130 - 6350 after making a life time high of 6415.25.
Heavy selling on Friday has resulted in a "Shooting Star" formation on the weekly charts. The Index might decline to the lower end of the range early next week. Any break below 6129, will increase the probability of the Index heading towards the swing low of 5972.
Any up move will face strong resistance at 6400. Move above 6400, will result in new life time highs, the chances of which look remote next week.
The RBI meet on 28th and US Fed meet on 28th & 29th monetary policy will have major bearing on the Index next week. The quantum of tapering by the Fed will add spice to expiry. Caution is advised.
Disclaimer: Views expressed though Technical in nature are bound to change dynamically during market hours on dominant crowd behaviour. Loss of Capital is substantial in Derivatives / Index trading.
Heavy selling on Friday has resulted in a "Shooting Star" formation on the weekly charts. The Index might decline to the lower end of the range early next week. Any break below 6129, will increase the probability of the Index heading towards the swing low of 5972.
Any up move will face strong resistance at 6400. Move above 6400, will result in new life time highs, the chances of which look remote next week.
The RBI meet on 28th and US Fed meet on 28th & 29th monetary policy will have major bearing on the Index next week. The quantum of tapering by the Fed will add spice to expiry. Caution is advised.
Disclaimer: Views expressed though Technical in nature are bound to change dynamically during market hours on dominant crowd behaviour. Loss of Capital is substantial in Derivatives / Index trading.
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